Here’s What You Need To Know When Shutting Down Your Business

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Here's What You Need To Know When Shutting Down Your Business

There are many reasons why you might be considering shutting down your business. It could be that you are moving abroad, COVID-19 has taken its toll, or you’re taking your career in a different direction. In this article, we’ll discuss the things that you’ll need to know if you are closing your business. 

Notify Everyone

If you’ve made the big decision to shut down your company, there’s a lot of different people that you’ll need to notify. Obviously, if you have any employees, they will need their required notice so they can prepare both financially and emotionally. You should talk to them before anyone else.

You also have to consider your creditors. Notify your suppliers, lenders, utilities, and any service providers that you are closing up shop. This way, you can avoid later charges and fees.

And don’t forget to make the announcement to…

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