Last updated March 25, 2020.
The coronavirus has forced thousands of businesses across the United States to close their doors temporarily. Unfortunately, many of those same businesses don’t have enough of a cash reserve to keep them going without revenue.
If you’re thinking of closing your doors for good, our hearts go out to you. Before taking the steps outlined in this article, take a look at some of these resources to see if there are more options:
- How your business can prepare for the coronavirus
- How to bounce back to cash flow positive amid the coronavirus
- 5 ways to prevent the coronavirus from stopping work at your small business
- How to use GoFundMe to crowdfund your business
- A brief guide to coronavirus relief and assistance programs
If it is time to close your business, you might want to walk away and never look back. But closing a business is a bit more complicated than that. There’s legal paperwork you need to complete, assets you need to distribute, and employees you need to pay. If you walk away without fulfilling all the requirements, you risk legal disputes, a tarnished reputation, and unnecessary fees.
Use this 10-step guide to close your business as painlessly as possible. Following these steps can ensure you close down your business the right way, allowing you to carve a new path forward.