BUSINESS ACHIEVEMENT CENTER BLOG: What’s Your Business Exit Strategy?:
Contributed by Cassandra Jones, Esq. Houghton Jones, A.P.C.

You have worked hard to build your business. As you approach retirement, or the need to leave your business for other reasons, you should have a plan in place to wind up your business. There are several different types of exit strategies. Which one is right for you depends on factors like your customers, finances, your family, and your employees.

The most obvious strategy is simply to close down the business. When you close down the business you must be certain to properly wind down the business’ affairs. Just because you have decided to leave the business does not mean that the business’ responsibilities and obligations immediately cease. Final taxes must be filed and paid. Outstanding vendors must be paid. There should be a filing with the Secretary of State indicating that the business has been closed. Failure to properly wind down the business may expose you individually. For example, if the business has any unpaid debts, its assets should be used to satisfy those debts. If you take the assets without paying the debts, you may be risking future creditor’s efforts against you personally to recoup those assets. Continue reading…

Find out more about American Corporate Enterprises by visiting our website at https://americancorpenterprises.com.At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us Toll free (888) 274-1130 or (775) 884-9380 today.

At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us

Toll free (888) 274-1130 or (775)884-9380 today and visit our website at www.americancorpenterprises.com.