Businesses close for many reasons. Perhaps the owners are retiring. Or, the company just isn’t doing well enough to justify continuing. Whatever the reason, it’s important to follow your state’s legal procedures for dissolving (ending) the business. Once you’ve formed a business and registered it with the state, you need to formally close it out, even if you never used the business for anything. Failing to do this can subject you to liability for unpaid mandatory business fees and taxes, and possibly leave you vulnerable to lawsuits. This article will provide you with the basics of dissolving a business.
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