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Bryan E. Kuhn
Counselor at Law, P.C.
Business & Employment Law Attorney

Steps to closing a business

On Behalf of | Jan 10, 2020 | Blog

A business owner in Colorado may decide to close their business for a number of different reasons. Sometimes, a business isn’t profitable anymore, so selling it makes good financial sense. In other cases, a business owner may simply wish to move on to other interests. Whatever the reason for closing, the owner must take appropriate steps to dissolve the business correctly.

How many steps must be taken to dissolve a business will depend on how many business relationships the owner has. If a person owns a sole proprietorship, then closing the business will be relatively easy because there will be no partners to notify or business organizational documents to file. A person who is in a general partnership without any partnership agreements will have to notify partners in writing about their wish to withdraw from the business.

More complex businesses such as partnerships with written partnership agreements, LLCs and corporations take a little more effort to dissolve. Business owners will have to get a majority vote from the other partners in the business and file a Certificate of Dissolution with the state. The IRS and local tax agencies must also be informed of the business closure, and business licenses and permits will need to be canceled.

A person who is closing their business may need to inform creditors, employees and customers about the business dissolution. If there are any outstanding debts owed by or to the business, these will have to be settled so that the owner can walk away without legal problems. A business law attorney could help an owner complete all of the required tasks for the sale and dissolution of a business.

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