Getting Out of Business is a Process
Getting out of business is a process. The length of time required to complete the process is directly related to the complexity of the business, and the circumstances underlying the decision to get out. Planning how you exit your business is just as important as how you started it.
The exit process, timing of events; and tasks associated need to be tailored to the type and complexity of the business. Each case is individual because reasons for dissolution differ, and problems that arise are unique to each circumstance. The following checklist contains key elements that should be evaluated as early in the exit process as possible to eliminate pitfalls later on.
The process for exiting a business should include evaluation of the following points:
1. Engage Professionals & Consultants as Team Members.
2. Prepare a List of Assets & Perform a Physical Inventory.
3. Perform a Valuation of the Business.
4. Prepare Detailed Plan & Assign Responsibilities.
5. Release Announcements & Notices.
6. Conclude or Transfer Contract Obligations.
7. Dispose of & Transfer Assets.
8. Settle Accounts Payable & Debt Obligations.
9. Prepare Final Financial Statements & Tax Returns
10. File Articles of Dissolution.
11. Prepare & Issue Special Filings, Notices, Informational Returns, & Taxes.
12. Receive Tax Clearance Notice.
13. Close Bank Account.
14. Store Business Records
The process for successfully exiting a business requires the same amount if not even more planning as starting the business. While the process may be easier, it is likely to be less enjoyable and more stressful. The best advice for business owners is to incorporate potential exit strategies in the early stages of setting up their business. Vigilance and diligent managerial oversight is needed to ensure that complications and problems which could affect dissolution, and net value, do not develop into roadblocks. When the time comes to divest or sell the business, be sure to engage the relevant expertise needed, and prepare an action plan.
We Buy Your Business enables clients an opportunity to sell businesses and business assets fast for cash. If your exit strategy requires a quick divesture option Contact WBYB for cash offer NOW. Website: www.WeBuyYourBusiness.com
Help answer the question
Opening a business and wondering what types of expenses I can write off?
I am opening an online business for website design. (set up as a LLC, I'm the sole owner) Should I start keeping receipts of all business related expenses? Or would my business qualify as a hobby if I don't make a certain amount of money in the year that I'm filing.
What types of things can I write off onto my business? (dinners, gasoline, etc.) Do I need a seperate business credit card/bank account for the expenses?
Do I have to accept payments towards the business's services through a corporate account, or can they make the check/payment directly to me?
This entry was posted on Monday, December 7th, 2009 at 2:42 pm and is filed under business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
December 7th, 2009 at 3:07 pm
December 7th, 2009 at 3:27 pm
You are so talented!
Keep it up!
December 7th, 2009 at 3:28 pm
Wow! He looks almost… alive O.O Awesome painting! Keep it up
December 7th, 2009 at 4:02 pm
Costco will make you some as well as any print shop or office supply store. Printing your own might be best since you won't give out more than a few probably before you want to change something.
December 7th, 2009 at 11:42 pm
dude, you own! this looks identical to a photograph
December 8th, 2009 at 3:19 am
together we exist together we suffer and forever we will recreate each other…. i witnessed a very magical moment just now…. thank you.
Paris Lo in las vegas
December 8th, 2009 at 8:07 am
There will probably be a penalty involved with early cancellation of the contract. Look over the terms of the contract you agreed to and see what it says about early cancellation.
December 8th, 2009 at 10:21 am
Take lessons, get good and play with anyone and everyone who you think is decent. I suggest learning theory and learning how to read music – both provide a huge advantage over those who can't read and don't know music theory.
Also try these:
1) LEARN MUSIC It is ALWAYS about the music – practice, learn everything you can about music theory and writing and reading music- this will make you much more employable than the dozens of hobbyists out there. Never ever stop learning and finding people to learn from…Vocal coach is a GREAT idea!
2) NETWORK – seek out and befriend people who make a living making music be they session players, band members, music executives (at labels, publishers, management companies or booking agents) or producer / engineers… The music business is all about your talent and who you know. In many cases people can get away with less talent if they know the right people and can convince them to participate in their projects.
3) PLAY and RECORD often. Play live, get basic home recording gear so you can preserve your ideas and share them with other people. Join a band or two – co-write with anyone and everyone who will let you. Start simple with open mic nights and work your way up. Meet and keep in contact with everyone you meet who is doing what you want to do (making a living making music I'm assuming)…
4) BE PROFESSIONAL. The music business if full of flakes. Don't be a dude (chick), there's a million dudes out there. Be a man (woman).
5) LEARN BUSINESS. Look at and learn all of the ways that money is made in the music business. A good starting point is Donald Passman's "all you need to know about the music business" – if you understand where the money comes from in the music business it will be much harder for people to take advantage of you…and they will try.
December 8th, 2009 at 1:49 pm
Business process is kind of a broad subject, if you want to gain a general understanding of how an organization works I'd recommend taking a course in microeconomics.
On a more engineering business level the best book I've ever read would be The Goal by Eliyahu Goldratt. The book is written as a fiction story, but within the bounds of the story he outlines the theories and methods behind how to manage processes, supply chain, inventory, etc. Overall it's a pretty easy read and the techniques mentioned are used by a lot of businesses, whether they realize it or not.
December 9th, 2009 at 6:13 am
December 9th, 2009 at 2:27 pm
depends on the commercial activity you want to do.
First you you must do is to visit the riyadh chamber of commerce, they must have a women's branch. you go there and check on the requirements for the business you want to make.
Oh and, you must be saudi.
December 9th, 2009 at 3:19 pm
it’s almost like a photo
great painting 
December 9th, 2009 at 11:43 pm
If I were you I would contact the City Clerk of your town because they are the clerks for the City Council. Let them know you would like to petition the City Council for your business proposition. They will then add you to the agenda before going before the council make sure you cross all of your I's and your T's. and discuss how your business will enhance the community and be sure to bring portfolios of your business proposals for each council member. Also, make sure you have a visual presentation of business proposal. Good Luck!
December 10th, 2009 at 10:11 am
You’re an amazing artist both painting and music wise. keep it up ^ ^
December 10th, 2009 at 1:24 pm
That’s amazing! It always seem easier to draw on the computer then on paper. Really now, to color like that makes me curious, though everyone’s style of art is different.
December 10th, 2009 at 6:41 pm
this was so awesome!!!! just perfect, the piano goes well along the video, tx 5**
December 10th, 2009 at 10:39 pm
I wasn’t sure, if this Johnny really is just a photo – he just looks too real. Keep up the beautiful work
The song was also fitting
December 11th, 2009 at 1:07 am
Talk to someone at a community college. it's a great place to restart your academic career.