{"id":4644,"date":"2016-04-04T11:47:37","date_gmt":"2016-04-04T16:47:37","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/closing-a-business\/closing-a-sole-proprietorship.html"},"modified":"2024-05-23T01:49:15","modified_gmt":"2024-05-23T06:49:15","slug":"closing-a-sole-proprietorship","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/closing-a-business\/closing-a-sole-proprietorship.html","title":{"rendered":"Closing a Sole Proprietorship"},"content":{"rendered":"\n
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Closing a Sole Proprietorship<\/h1>\n
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\n By Susan Buckner, J.D.<\/a> | Legally reviewed by Aviana Cooper, 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

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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

A majority of business owners in America are sole proprietors. All the good and bad parts of operating a business fall on your head, including deciding when to close.<\/p>\r\n

Closing a sole proprietorship is easier than shutting down a partnership or corporation. You still need to follow state laws about paying taxes and closing accounts. With a bit of planning, a sole proprietor can close down a business as efficiently as a larger company.<\/p>\r\n

Reasons for Small Business Dissolution<\/h2>\r\n

Larger businesses, such as limited liability companies (LLCs), partnerships, and corporations, may shut down for administrative or legal reasons. Sole proprietorships may close because the owner moves or has tired of running the business alone. Some other reasons sole proprietors may close include:<\/p>\r\n