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Closing A Business: What You Should Know

When it comes time to make the difficult decision to close your business, there are many things you need to know and should consider before doing so. If you own a business that’s a sole proprietorship like an LLC, partnership, or corporation, then we suggest contacting us for assistance to ensure all the proper steps are taken. Whether you’d like us to take care of the entire process or just a few steps, our team here at Grand Strand Law Group is dedicated to making this process as seamless as possible so you can move forward.

Review Your State & Federal Responsibilities

Whether you choose to hire an attorney to help you dissolve your business or not, it’s very important to review your state and federal statutes to ensure that your business won’t receive unnecessary notices and bills. Click here for more information on closing a business in South Carolina. For IRS information about closing your business, please click here

File A Final Return

When closing your business, you must file a final return for the year you close your business. The type of return you file all depends on the type of business you own. If you have questions or need assistance, please do not hesitate to reach out. 

Take Care Of Your Employees

Whether you have just a handful of employees or over 100, it’s a good idea to consult with a lawyer before closing your business to ensure that all your employees are taken care of. This includes giving them notice that your business is closing, paying final wages, etc. Consulting with a lawyer can help prevent your employees from taking legal action against you. 

Overall, these tips just scratch the surface when it comes to things needed to close your business. Closing a business can be a difficult and confusing process but our team here at Grand Strand Law Group can help you complete the necessary steps to close your business and help resolve any issues once the business is officially closed. Don’t hesitate to reach out to us with any questions you may have. We’re always here to help! 

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