Tips Of Finishing Up Your Shop
Shutting down a business for the owner is always the last thing they wish. It becomes very difficult a decision to make of closing down a business. It is challenging to terminate something that you have worked so hard to do work. There is a lot involved to bring a business from a child to fully matured. For other people, it is an opportunity to move on and try other things that might open bigger doors. When shutting down a shop, there are things that can help you have a good transition.
Before stopping operations of your business, ensure that you have been paid all the invoices from your clients. It is good to talk to all the people whom you have supplied with goods so they may pay you up. This cash may be significant in your next venture. If your clients have problems paying up, you should ensure that you remind them often. In case they are reluctant to pay you, and a final demand. You can impose an interest in the amount they owe you. If all that does not get the ball rolling, you can look to have the case handled by your lawyer.
When your clients have all paid your dues, it now your chance to do the same. Before you officially close your business down, you need to pay all the debts that you owe other people. If the money you have cannot be enough to pay the debts, you may consider taking small loans. The delay in paying these loans will see you lose the battle in the courts.
When you decide to bring down your business, it means the employees will also be closing with you. As such, there is a need to notify the staff of the closure so they may make the necessary arrangements concerning their future. Ensure that you give them the best recommendations in written form. Consider paying them all their dues before you consider closing the shop down. You may find that you don’t have money, however, one thing you should not miss is to pay your employees. it will be perfect for your reputation.
Ensure that your office lease is taken care of before exiting form your business. The contract is unambiguous on the number of days for the notice. You need to give enough notice to the company. Failure to adhere to the rules can see you fined. Lastly, you need to file your tax returns. The tax does not stop because you have closed your business. with these tips, you will be able to move to the next step with ease.
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