Perth Business: Closing a Business

When you run a business, you got the best intentions of keeping it open for as long as possible. However, sometimes plans need to change and it becomes necessary for a business to close. This process can be made much easier if the owner knows the proper steps for how to close a business.

Running a business is one of the most exciting, fun, and challenging happenings in one’s life. But unfortunately there are some people that have a business that need to find out how to close it. Closing your business is one of the toughest jobs you will ever do as a business owner. Not just because there are a myriad of things that must be done, but because it is a highly emotional time in your life–your business has failed.

If you are planning to successfully close your business, the first step is to talk to a lawyer and a certified public accountant. In order to close your business successfully, there are some actions that need to be done. The most important thing is that you must file an annual IRS return for the year that the business is closing. If you have employees, you must file the final employee tax return and make final tax deposits of the employee taxes.

For more on closing a business, you should check out this post from Australian Government’s Small Business Development Corporation: https://www.smallbusiness.wa.gov.au/business-topics/exiting-a-business/closing-a-business

Friday, August 19th, 2016 Perth Businesses