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After making the hard decision to close your doors, it’s not as easy as just walking away. Unfortunately, the current pandemic and subsequent restrictions have forced many small businesses to decide to shutter, and with this decision, additional steps need to be taken to properly close your business. Items to be addressed include, but not limited to, filing final tax returns and forms, ensuring proper Medicare and Social Security taxes and employment wages have been paid, proper termination of retirement plans, addressing loans such as Paycheck Protection Plan loans, cancel EIN number, file dissolution documents, cancel permits and licenses, and maintain records. If the proper steps are not taken, you as the owner could be subject to personal liability and penalties. It is recommended you discuss closing your business with your accountant and attorney to ensure the proper steps are followed and liability exposure is reduced.

Derek Luster

Attorney at Law