“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 […]
Maturity and Exit
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 […]
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 over doing something.
This becomes especially true when your plan is to sell your business. It’s become 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 of […]
For a variety of reasons, entrepreneurs may decide to close the business they worked so hard to start and grow. Situations change and the need to dissolve an LLC or corporation may need to be addressed.
An entrepreneur can grow tired of small business ownership or may simply want to retire. Possibly the business has been losing money or it isn’t as profitable as it needs to be. Regardless of the reasons, an LLC needs to be dissolved in a formal and methodical manner.
This task doesn’t have to feel daunting. Our six easy steps […]
You’re not the first owner to consider closing down a business and you certainly won’t be the last. But it is a big decision and one that should be taken lightly. Regardless of your final decision, you need to prepare yourself for the necessary steps involved in the process.
Closing down a business requires a certain process be followed. This process is just as important as the steps required to start a business.
I have not failed. I’ve just found 10,000 ways that won’t work. ~ Thomas A Edison
12 Effective Steps for Closing Down […]
Just because you’ve stopped working with customers, taken down your website, and aren’t making money from your business, it doesn’t mean your company is considered “closed.”
Closing a business, whether an LLC or corporation, requires formally dissolving it with your state. If you don’t, you could be stuck with the responsibilities of filing your inactive business’s annual reports and state/federal tax returns. And you may be legally obligated to renew your business licenses and permits, too. All of that costs time and money. So if you’ve stopped doing business and are […]
Someone once told me that a true sign of a successful entrepreneur is the ability to know when it’s time to throw in the towel and move on. One failed business doesn’t define an entrepreneur. Plus, when one door closes, another usually opens.
Closing a business doesn’t just mean selling your assets and calling it a day. You’ve got to go through the requisite steps to ensure your business is legally closed and that you’ve properly wound up your business affairs. Otherwise, […]
Sad but true: sometimes a business just doesn’t work out. It might be because the economy is tanked, or because there are cheaper products than yours on the marketplace. It’s better to acknowledge that it’s time to close a business as soon as you realize it than to keep losing money while you try to make it work.
If you’ve been toying with the idea of shuttering your business, but haven’t been sure it’s the right thing to do, this post should help you make that decision. And it’s an important one to make now: putting it off until next year could cost you penalties and fees.