The decision to close a business is often one which you will have laboured over for some time. But the process of closing your business can take some time and it is important that you approach the closure in a methodical way.
Following your decision to close your business here is a list of items for you to consider in the context of your business closure.
- Set a closing date
- Where employees are involved you will need to notify them as early as possible, being mindful of your obligations as an employee to provide appropriately for employee entitlements
- Notify your suppliers and customers
- Terminate and lease agreements or other contractual agreements
- Sell assets owned by the business and settle any outstanding accounts
- Finalise any tax or legal matters
- Maintain business records
- Take care of administrative loose ends such as redirecting mail and closing bank accounts
To ensure you have all bases covered get in touch with one of our business lawyers and grab a business closure checklist to help guide you through the process. And of course we’re here to help you each step of the way.