A Guide To Shutting Down Your Shop
It is always hard for a person to shut down their business. It becomes very difficult a decision to make of closing down a business. It is challenging to terminate something that you have worked so hard to do work. From a very tender age to a fully operating business, it takes a lot of sacrifices and hard work to achieve success. This is an opportunity to go to greener pasture for substantive number of people. When shutting down a shop, there are things that can help you have a good transition.
Before you close up your shop, make sure that you get paid off all the services and goods provided. It is good to talk to all the people whom you have supplied with goods so they may pay you up. This money may be of help to you in your next undertaking. If your clients have problems paying up, you should ensure that you remind them often. There are those who would be reluctant to pay for the services, and this should move you to demand for it. You can impose an interest in the amount they owe you. When there are no efforts from your clients after all the effort; you can involve your lawyer in getting them pay.
If you have debts for other people; it would also be fine for you to pay them. Before you officially close your business down, you need to pay all the debts that you owe other people. If the money you have cannot be enough to pay the debts, you may consider taking small loans. Failure to pay will see you being taken to the court to be compelled.
Closing the business means that your staff will also be jobless. This should get you give them an alert so they may find other businesses to attach. Write all your employees a recommendation letter to make work easy for them in finding other jobs. Consider paying them all their dues before you consider closing the shop down. You may find that you don’t have money, however, one thing you should not miss is to pay your employees. These staff may be your next best thing in other companies.
You need to get rid of your business lease at the appropriate time. The contract will probably indicate the period of notice that you need to give the leasing company. There is a need to give sufficient time for the company to conclude the process. There might be a fine on your side if you don’t give them enough time to process your request. In conclusion, you need to pay all your tax returns before closing the business. The tax does not stop because you have closed your business. These steps are critical in helping your close down your business in the best way possible.
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