How to End It Without Getting Mired Down in Difficulties

People make the decision to close their businesses for a variety of reasons: market changes, financial problems, and lifestyle conflicts. Making the decision to close down your corporation is difficult enough, no matter what your reason is.

Once you’ve made the decision to close down, the actual process isn’t simple, but it can be relatively painless when you take the appropriate steps.

Should you consult a lawyer? It’s your call. An attorney can be helpful, if you can afford it. An attorney’s negotiation skills can help you retain your valuable business reputation if you plan on future ventures. He or she can also help you navigate through your financials and tax documents, and help with real estate issues.

The most important thing to focus on when closing down your corporation is taking steps to ensure that personal liability is minimal. By taking these steps, you ensure that any business you run in the future is deemed credible.

You’ll be able to protect yourself, your credit, and your reputation in the community, especially if you ever want to go into business again.

Here are the main steps you’ll need to take to shut your business down legally and minimize the risk to your personal assets. At the end of this chapter, you’ll find a helpful checklist for the listed documents.