If you are considering closing your business, there are several important areas to review and address. Below is a framework to get you started.
- Have you evaluated and gamed out each option available?
- Have you drafted a timeline with anticipated deadlines for each action?
- Have you spoken to your tax professional and/or accountant?
- Have you evaluated all legal and regulatory issues that will need to be addressed on the local, state, and federal levels?
- Have you created a list of any creditors, landlord, banker, and/or employees that would need to be notified?
- If required, have you filled out a WARN Notice with the Virginia Employment Commission?
- Do you have a plan to collect or sell all outstanding receivables?
- Do you have a plan to sell off any remaining inventory?
- How will you notify your customers?
- When will you submit your final payroll forms and taxes?
- How will you distribute all remaining cash and assets?
- How and where will you store your records?
Once you have thought about the items above, we recommend scheduling a no-cost, confidential one-on-one meeting with a local SBDC Advisor. To find the location nearest you, click here.