Alabama Checklist - Sale of a Business
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With few official requirements, closing a sole proprietorship can be as simple as ceasing operations and tying up a few loose ends. A business owner may have several reasons for ceasing their sole proprietorship's operation.
Close your businessDecide to close. Sole proprietors can decide on their own, but any type of partnership requires the co-owners to agree.File dissolution documents.Cancel registrations, permits, licenses, and business names.Comply with employment and labor laws.Resolve financial obligations.Maintain records.
Business owners can close their businesses, whether temporarily or permanently, at any time they choose, provided that they take the appropriate steps to ensure the protection of employees and corporate partners, if applicable, as well as service providers, customers and vendors with outstanding orders.
Fortunately, the overall process for closing a sole proprietorship or partnership is relatively uncomplicated (compared to dissolving a corporation or limited liability company). That's helpful for sure, particularly if you're aiming to finalize your business by the end of this year.
Complete IRS form 1040 "Schedule C, Profit or Loss From Business. Complete IRS Form 1040 Schedule SE, Self-Employment Tax. With these two forms, you are able to report your business profits and losses and calculate the amount of unemployment tax you owe.
Obtain Business Licenses and PermitsThere isn't a requirement in Alabama for sole proprietors to acquire a general business license, but depending on the nature of your business you may need other licenses and/or permits to operate in a compliant fashion.
5 Ways to Exit Your Small Business FastThe Time to Sell is Declining (Though Not Fast Enough)Strategies for a Quick Business Exit.Reach out to likely buyers.Add a business partner.Sell to your employees.Offer incentives.Liquidate your assets.
Close your businessDecide to close. Sole proprietors can decide on their own, but any type of partnership requires the co-owners to agree.File dissolution documents.Cancel registrations, permits, licenses, and business names.Comply with employment and labor laws.Resolve financial obligations.Maintain records.
To close their business account, a sole proprietor needs to send the IRS a letter that includes the complete legal name of their business, the EIN, the business address and the reason they wish to close their account.
Additional documents: If changes are being made to your business's name, you must also include a copy of your Name Reservation Form issued by the Secretary of State. Fees: Include a payment for $50 (standard processing) OR $150 (expedited) made out to the Secretary of State.
