Is There A Legal Way Of Ending A Business?

[Good-Person]

People start business to serve people and make profits. However, due to various reasons, many businessmen or people associated with the business may want to end the business. This could be due to many reasons and a lack of profitability could be one of them. So, is there any legal way of ending a business?

 

[Abigael]

I really don't know this but I guess big businesses have to go through a legal way to end business. This is because they have to be scrutinized of loans and taxes to make sure they have paid all. But small businesses usually close without a legal process.

 

[Planbizzle]

People start business to serve people and make profits. However, due to various reasons, many businessmen or people associated with the business may want to end the business. This could be due to many reasons and a lack of profitability could be one of them. So, is there any legal way of ending a business?

You may need to file papers with your national government or local business authorities based on the kind of business. You may also need to inform suppliers, settle any existing obligations, and disperse assets to investors or other business stakeholders. You could also be obligated to file taxes for the company's concluding year of existence.

 

[eenya001]

I think there is a legal way of ending a business and you need to sit with your partner for the both of you to come to an agreement and find a solution that would be favourable for the both parties

 

[Yaqoob Habib]

People start business to serve people and make profits. However, due to various reasons, many businessmen or people associated with the business may want to end the business. This could be due to many reasons and a lack of profitability could be one of them. So, is there any legal way of ending a business?

If you want to close your business due to any reason, then if you close your business according to the law, then you will not have to face any difficulty later.

 

[saoussen57651]

If you want to close your business due to any reason, then if you close your business according to the law, then you will not have to face any difficulty later.

Some people doesn't want to close business and do like sort of Déclaration Néant means the company is closed and not generating any revenue because close the business means you have to proof everything to the country and may having excessive fee.

 

[Abigael]

I think there is a legal way of ending a business and you need to sit with your partner for the both of you to come to an agreement and find a solution that would be favourable for the both parties

Yeah, in partnerships, you cannot make the decision of ending business alone. You have to talk with your partner and come into an agreement together. If you end it alone, you could get sued.

 

[Ernestnari]

This is only applicatble in partnerships and limited liability companies. The way of ending the business is always clearly stated in the partnership deed and memorandum of understanding for partnership and limited liability companies respectively.

 

[Jonaville1]

People start businesses to serve people and make profits. However, due to various reasons, many businessmen or people associated with the business may want to end the business. This could be due to many reasons and a lack of profitability could be one of them. So, is there any legal way of ending a business?

I guess they should be a l legal way of ending a business even though I have never heard of it before but I just have that feeling that it is possible to end your business legally

 

[Shigobad20201]

If yiu are runnung your business alone without Asking for money from any individual , then you don't need any legal way of ending your business , but if you are running the with someone or there are investors , then you need a legal way to settle and end the business.