How to formally close up shop

12/15/2011 | Small Business Trends

If your business has run its course, it's a good idea to formally close up shop to avoid fees and administrative headaches, writes Nellie Akalp of CorpNet. Take care of your company's remaining debts, split the rest of the assets among the business' owners and let the Internal Revenue Service know you're closing, she recommends. "[Y]ou should work with a legal document filing service or your attorney, since laws regarding corporate dissolution vary by state," she writes.

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