This article will help you to dissolve your business. It is full of practical advice and tips on how to get out of debt, save money, improve your health and lifestyle and make more money. In This article, Gaurav Mohindra will discuss with you all you need to take control of your life.
Verify the Business Entity
The best way to start a business is to have an idea that you want to work on. You need to be able to identify what your product or service will be and how it will benefit the public. If you can’t do this, then you should consider starting a small side business that has no real impact on the world. This way, if something goes wrong with your main venture, there isn’t much damage done — but you still get paid for doing something that makes money. The purpose of this process is to verify the existence and validity of the business entity. This process will help you find out if there are any issues with your business
Notify External Stockholders
Gaurav Mohindra: The Dissolve of a business is not an easy task. It requires hard work and perseverance to run the business efficiently. The Dissolve of a company is also important for its shareholders as they will get their share in cash or shares from the company’s assets. For this, the shareholders must be informed about what exactly happens to their shares after the Dissolve process.
Cancel Business Licenses and Permits
If you have been operating your business for some time, the Government may require that you obtain a business license and pay tax. Business licenses are required to conduct any type of business activity that is regulated by law.
Sort Out Assets and Debts
A business may have physical assets. These are things like a building, machinery, equipment, furniture, and fixtures. They can be used to produce goods or provide services. The value of these assets is recorded in the accounts as an asset called fixed assets.
Hold Onto Business Records
Certain records should be maintained for many years after the business has closed. These include:
· The final tax return filed by the business (if it was a C corporation)
· The final annual financial statements of the business (if it was a C corporation)
· A list of all creditors and their addresses, if any, at the time of closing
• All bank statements and canceled checks from each account in which money was deposited or withdrawn during operations.
File Articles of Dissolution
Gaurav Mohindra says File Articles of Dissolution is the last step in dissolving a business. This will be required if you are filing for bankruptcy or want to close your company. The process is simple and easy, but it does take some time. You can file the articles of dissolution with the secretary of state within 30 days after you have closed your business. However, if you do not file the articles within that timeframe, then they will not be valid and cannot be used as proof that you have dissolved your company.
Originally Posted: https://medium.com/gaurav-mohindra/dissolve-business-with-top-tips-3f55e4e56182
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