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Tips on how to close a business down.

BY: David Prakash Kumar | Category: Business and Finance | Post Date: 2009-11-14
 



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   David Prakash Kumar
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There are hundreds of new businesses starting each day. At the same time, there are also hundreds of businesses folding up each day. The reasons for the closing of these businesses are many. Whatever the reason for the closing of these businesses, the business owner should deal with the closure of the company carefully. This is because the business even if not successful when it was working, would have had people working in it and they should be taken care of to the best of the ability of the owner of the business.

When the person started a business, the first thing that the person would have wanted is qualified employees to do the work. These same employees have to be taken care of when the business comes to a close. Other than the employees, the financial matters and also the assets have to be taken care of at the close of a business.

1. Employees:

These people are very important and they have been working in the company to get the profits for the owner. This should be kept in mind by the owner of the business and the employees should be paid their salary in full and also should be given adequate notice in advance so that they will be able to plan their life after their present job. They have families and may suffer a lot if they do not get a job soon. This is the reason why employees should be given adequate notice in advance.

2. The assets of the company:

The assets of the company should be sold or given away slowly and steadily when the owner decides to close the business. If the person closes the business suddenly, then the assets cannot be sold at a very high price. This is because the people who know that a business is closing will know that they can get stuff at a very cheap rate. To avoid this, the person selling the assets should do so slowly and discreetly and so will get a good price for the assets.

3. Close the business in phases:

Another important thing that has to be remembered when the business is closing is that the business should be closed in phases. This will help the business to be able to cater to the needs of its customers as much as possible. The customers have been the people who have been making the company to be successful and so their needs should also be taken into consideration.

4. Pay all the bills:

Paying all the bills and also any taxes that have to be paid have to be completed so that there are no outstanding bills that can cause trouble after the business has folded up. This will also prevent people from filing suits against the company because of nonpayment of bills.

These are some of the important factors that have to be kept in mind by a person when closing the business. Adequate care, planning and preparation are necessary before the person decides and starts to close the business.

Article Source: http://www.saching.com



About Author / Additional Info: I am a physiotherapist and also a freelance writer. I have been writing for many blogs and websites and also take up freelance assignments. Comments are welcome at prakashdavid@rediffmail.com

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