Before you start taking steps to close down your business, you should discuss other alternatives with an advisor or mentor. If you are experiencing financial difficulty but your business plan is strong, you might be able to change your business model or get funding from investors or banks. If you have decided that closing down is the best option for your business, it is essential to follow the correct legal process. This article provides information to sole traders, partnerships and companies on their legal and tax obligations when closing down their business. <\/p>\n\n\n\n
Before you close down your business, you should weigh all your options and seek advice from a professional. Some of the key steps to make your decision include: <\/p>\n\n\n\n
If you want to close business as a sole trader<\/a>, you should notify your accountant and Inland Revenue and file your final tax return. You cannot file before the end of the year, even if you ceased your business operations midway through the year.<\/p>\n\n\n\n If you have registered for GST, you will have to file your remaining returns and cancel your registration. If you have employees, you must pay any employment-related taxes and income tax before deregistering as an employer with Inland Revenue. <\/p>\n\n\n\n As a sole trader does not involve a separate legal entity, you will not need to perform any additional paperwork for closing down your business. However, you will remain responsible for any ongoing contractual obligations (if these provisions go beyond the date you envisage closing down your business). <\/p>\n\n\n\n\n\n Continue reading this article below the form\n <\/i>\n<\/a>\n