{"id":4641,"date":"2016-04-04T10:47:37","date_gmt":"2016-04-04T15:47:37","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/closing-a-business.html"},"modified":"2026-07-09T06:33:00","modified_gmt":"2026-07-09T11:33:00","slug":"closing-a-business","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/closing-a-business.html","title":{"rendered":"Closing a Business"},"content":{"rendered":"\n
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\n \n Closing a Business\n <\/h1>\n \n Closing a business is not as simple as emptying the office and turning off the lights. Business owners closing down operations must meet certain requirements in order to mitigate any financial, tax, or legal liabilities.\n <\/p>\n <\/div>\n<\/div>\n\n\n
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\n By Amber Sheppard, Esq.<\/a> | Legally reviewed by Catherine Hodder, Esq.<\/a>\n | Last updated\n
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Editorial Note: We earn a commission from affiliate partner links on FindLaw. Commissions do not affect the editorial integrity of our legal content.<\/p>\n\n <\/div>\n \n

\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n\n\n\n

You may decide to shut down your small business<\/span> for any number of reasons. You may want to retire, have financial hardship, or looking for a lifestyle change. There are many steps to closing down a business involving filing paperwork with the Secretary of State<\/span>, and following state and federal employment and tax laws.<\/p>\n

To close a business, small <\/span>business<\/span> owners<\/span> must meet the requirements of their internal documents. This may include getting board of director<\/span> approval or a membership vote and making sure there is an internal paper trail. Then, there is the issue of paying off business debts<\/span>, notifying business creditors, collecting money owed to the business, and finalizing the business closure<\/span>.<\/p>\n

This section includes a shutting down chronology and other resources related to closing a business.<\/p><\/div>\n\n\n\n

<\/p>\n\n\n\n\n \n \n \n \n How To Close a Business\n \n <\/i>\n <\/span>\n <\/button>\n <\/h2>\n \n