If your corporation was retail, wholesale, or manufacturing, you may need to comply with your state’s “bulk sales law.” Only ten states have these laws, so check with your corporation commission to find out if you need to do this.

State sales laws often require you to notify your creditors a specific number of days before you close your business. Some states even require businesses to publish a notice of their impending closure in a local newspaper. Check with the departments that issued your license to practice business in these areas.
You also need to decide if you will be selling off some business assets to recoup some of your investment. If so, you’ll need to file Form 4797, Sales of Business Property, with the IRS.

If you’re selling all of your business assets as a group, you may need to file IRS Form 8594, Asset Acquisition Statement instead. Make sure to file the correct forms to avoid headaches later.

* To do: Find out if your state has bulk sales law. File IRS form 4797 if you’re selling off business property or 8594 if you’re selling off a group of assets.