Tweet

Exiting Gracefully - Tips to a small business owner

Guest post by: Ilya Bodner

Article Overview: Sometimes the business owner would like to retire the business. Sometimes, it’s the best decision. If you are in that position, there are a few steps to follow.

Exiting Gracefully - Tips to a small business owner

EXITING GRACEFULLY Sometimes the business owner would like to retire the business. Sometimes, it's the best decision. If you are in that position, there are a few steps to follow. You must first agree with others who may hold stock or have otherwise invested in your small business that the business should be closed. If your business partners disagree, you may be able to get out of the small business without going through all the trouble associated with closing it or selling it. Always explore the options. However, if everyone is in consensus that the small business should be closed, you must follow a few steps to ensure that, when closing the business, all the necessary bases are covered.

Your first step is to notify the government agencies that regulate your small business that you will be dissolving the business. Local, state and federal governments may need to be notified, so be sure you investigate who should be informed that your business is closing.

Next, your permits, licenses, and other business paperwork must be taken care of, canceled, or suspended as per legal regulation. After that, you must ensure all debts and taxes are paid and current. If you are unable to pay your debts, you must meet with your lending institution to agree upon a payment plan.

Lastly, notify all creditors, employees and customers. You do not want your business to simply disappear off the face of the earth. Your employees need to know that they'll have to seek employment elsewhere. Likewise, your customers will need to know that they'll have to find another place to do business.

One of the most important parts of closing your small business is dealing with the taxation aspects of it. There are several things you must do to resolve your tax situation. If you omit one of these details, the IRS may be seeking restitution long after you thought your business was closed. (A detailed list of tax-related items and issues that you must take care of can be found at the IRS website.)

Ilya Bodner

Small Business Owner

Related Articles
  Plain English Guide to Getting Out of Business
  Severance and Separation Agreements
  Leadership Transitions
  Questions Concerning Severance & Separation Agreements
  Starting a Business a Brave Move or a NoBrainer
  Words of Wisdom You Can Really Put to Work
  Nine Ways to Guarantee Business Failure
  Exiting Gracefully: It’s Complicated!
  Exiting Your Company Gracefully
  Tackling The Truth Of Turnover
  Taking Over an Existing Franchise
  TURNING CHAOS INTO ORDER - Strong Business Credit
  Small Business Planning - Or Not!
  Venture Capital & Recessions
  How to Create an Exit Strategy for Your Dental Practice So You Can Retire & Live the Lifestyle You Want
  Bookkeeping Tips on Tips
  Bootstrapping: How Cutting Down May Be the Key to A Successful Small Business
  SEP-IRA vs SEP-401k: Which Retirement Plan To Choose
  Why you should consider blogging for your small business?
  8 Tips to Tackle the Post Holidays Blues

Article Tags: Ilya Bodner, Initial Underwriting Group



Related Forum Posts
What do you call yourself? - I agree with you Louis. I always refer to myself as an entrepreneur or business owner as supposed to a small business owner. When people ask me what I do I tell them that I run my own business and then go on to describe it. I will never say that I am a small business owner. SMB, SME and other labels are created by the large corporate companies so they have something to call us but they are rarely tags we use ourselves.
What is an entrepreneur? - I'm about to open a business in which I work for myself, it's going to be a small business.... I don't really think of myself as an entrepreneur but rather a "small business owner." Everyone's being very supportive of me... (I just looked it up in the dictionary and the defnition of entrepreneur is "the owner of a business, usually with considerable initiative and risk". Is that what separates an entrepreneur from a small business owner - level of risk?
Good Day from Arizona - Hi everyone. I am a small business owner in Tucson, AZ. I have an Internet based HR program that I designed for the small business owner and I am looking at this forum to help me in learning how to do Internet Marketing. I believe that the small business community has a wealth of knowledge and if we all pool our collective "brain power" we can help one another succeed. I look forward to being a part of this interesting group.
Company shares for capital? - If you needed capital to start an exciting new business idea you had and either couldn't or didn't want to get funding from a lending institute, would you approach a friend, family member or another small business owner (e.g. perhaps your web designer) to partner with you? And if so, how would you split the ownership? Would it be equal or would you insist on being a majority owner? Thanks
Business Tips - How about: Tips for managers to handle employees more effectively? Tips on how to deal with difficult customers? Tips on how to deal more effectively with suppliers? The only three I have in mind right now, but will try to come up with something else. Chris


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

WHAT IS MANAGEMENT CONSULTING

SEO – Link Building Secrets

Creating a Better Place to Work

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.