As difficult it may be to make the decision to close a business, things can become even more challenging if a business’s owners don’t tie up all the loose ends. If you’re thinking of closing your corporation by year-end, realize that there’s more to the process than halting the sale of products and services. Merely stopping business activities doesn’t officially close a company, there are steps that must be taken to legally end the business entity’s existence.

The exact actions a corporation’s owners must take will depend on where the business is located, […]

It has been a rough few years for businesses across the country, but especially so for small businesses. According to Yelp data, an estimated 60% of business closures due to the coronavirus pandemic are permanent. Companies of all sizes have had to close some or many of their locations.

Whether you’ve had to close down entirely or shutter locations in other states, it’s crucial you legally close your business so there are no repercussions down the road.

In many cases, this means you need to take action before we close out the 2021 calendar […]

Some limited liability companies undergo ownership changes as their businesses evolve. Members may come or go — either voluntarily or involuntarily — for a variety of reasons. So how do you remove a member of an LLC? Well, that depends! Different circumstances can affect the process and the outcomes for what happens to a member’s ownership interests in the company.

Whether an LLC’s members want one of their members gone, a member wants to withdraw voluntarily, or a member passes away, the company must carry out the process lawfully. Ideally, an LLC’s organizational […]

There are many reasons why you’d want to terminate a partnership agreement. The goals of one or both partners have changed, your working styles are incompatible, or there are fundamental disagreements about business operations and decisions. Whatever the reason, the partners must understand and follow the correct procedures and regulations for partnership termination, so all parties are legally separated from liability.

What is a Partnership?

A partnership is a legal entity where two (or more) people own and operate a business, and each partner owns a percentage of the assets and liabilities of […]

“Dissolution” is the act of formally dissolving (closing) a business entity with the state. It involves far more than just stopping to sell products and services. Dissolution is a process for wrapping up all legal and financial aspects of the business and legally terminating its existence in the state(s) where it is registered. Business owners, and professional services providers who offer accounting, tax, or legal services to entrepreneurs, should know how to legally dissolve a Corporation or LLC. Just like life, running a business has its share of ups, downs, and surprises—and […]

Maybe your end game has always been focused on selling your business. Or is the pace of running a business becoming too much, and you’re ready to slow down and retire? Perhaps you have a new business idea and you want to sell your business to pursue (and finance) that dream. Whatever your reason for selling your business, your timing is spot-on. According to BizBuySell, an online marketplace for small business buyers and sellers, small businesses are currently selling for record-breaking prices.

BizBuySell surveyed 2,300 small business sellers and future business buyers […]

Getting a business up and running is a huge challenge. Between managing resources and investments, hiring staff, attending to creditors and developing new sales funnels, it’s a tremendous challenge to try and balance everything.

A common strategy to try and make things easier is to simply avoid certain aspects of the business. Maybe you can outsource some of the work to an outside firm, or perhaps you can just completely skip overdoing something.

This becomes especially true when your plan is to sell your business. It’s become a common practice these days for people […]

All businesses go through ups and downs, and many will suffer cash flow crises. After some tough times, you may be tempted to walk away from your business – but closing down a business is not a decision that you should make in a fit of frustration.

Starting a business is so exciting, but the day-to-day grind of running a small business can wear down even the most intrepid entrepreneur.

That said, if you decide this path is the right decision, here is a comprehensive closing a business checklist that will highlight some […]