Winding down a business often takes several months or longer depending on the size of the business and the nature of the closure. While not intended to be all inclusive, as every business is different, the following is a list of general items to be considered. As always, the appropriate professional advisors should be consulted.
- Collect outstanding accounts receivable and all money owed to the business
- Liquidate inventory and any other business assets such as furniture and equipment
- Pay off all business loans, leases, credit cards and accounts payable
- Terminate any real estate leases
- Cancel all business permits, licenses and subscriptions
- Cancel all utilities in the name of the business
- Notify and issue final pay to all employees, including any benefits that may have been earned but not yet paid out, such as accrued paid time off
- Cancel all business insurance policies
- Terminate any business sponsored retirement plan
- Provide notice to suppliers, vendors and customers
- File final Federal and State Income Tax Returns
- File final Federal and State Payroll Tax Returns
- File final State and Local Sales Tax Returns
- Cancel Employer Identification Number with the Internal Revenue Service
- File the appropriate Dissolution Documents with the Department of State (or equivalent)
- Close all business bank accounts
- Retain Records as needed
For questions and additional information, please contact Richard Gilmartin, CPA, Principal, at Tronconi Segarra & Associates. He can be reached at 716.633.1373 or rgilmartin@tsacpa.com.
