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Business Closure Checklist

October 21, 2014

Several weeks ago, a friend came to the conclusion that there was no way to keep his business going. Always up for a fun project, (kidding..) I decided to at least snoop around on the net and find a checklist. Turns out there wasn’t a comprehensive one I could find. Especially after I began reading what seemed like endless articles on the various liabilities associated with closing almost any business.

Always one to make a simple job more complex, I ended up spending several days creating what I believe is the most comprehensive list one can (or cannot) find on the web. Disclaimer: The list and my comments do not constitute legal or other professional advice.

One of the biggest questions has to do with timing. When you look at the tasks, they are not particularly in chronological order. If you are going to file bankruptcy for example, you definitely need to meet with your CPA and attorney in the same room to talk about timing and strategy. Even if you’re not, you will still want to create a plan in concert with those folks, if only to make sure there aren’t tasks that should be listed because of the particular state you live in or because of the type of business you own. Washington attorney practices for example, have to have a “succession plan” for their clients, records, etc. Other professions may also have specific closure requirements.

In any case, if it will help you or a friend, please use it. If you try to sell it, note the little “c” with a circle at the bottom!

Business Closure Checklist

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