It's no secret that businesses come and go. While some can thrive for decades or even generations, others are forced to close operations much sooner than anticipated. While this can be a heart-wrenching time for business owners, they need to make sure that they dissolve their businesses in a legally sufficient way. Otherwise, they may wind up with even bigger headaches down the road.
The first step in winding down a business is to look at any existing bylaws that may speak to how to dissolve the business in question. Unless the business is a sole proprietorship, the agreement of other parties, whether they be partners or shareholders, will likely have to be obtained before closing up shop. Once this step is cleared, then it is time to notify the state that the business will be dissolving and cancel any business licenses that are in place.