General

Don’t lose it all when you close a business

Running a business in Orlando is complicated and challenging, and it requires business owners to make some difficult decisions. One such decision could be deciding to close. Sadly, many business owners across the U.S. are making this very decision right now according to a recent report noting that, for the first time in several decades, the rate of company closures is exceeding the rate of company formations.

This means that if you are thinking of closing your business, you are not alone. However, you must also keep in mind that closing is as much a business decision as starting a company or merging with another company, and you will want to be cautious in how you proceed.

There are several ways to protect yourself, you investment and your established relationships and partnerships, even when you are closing.

• Settle outstanding debts
• Make sure your employees receive their last paychecks
• Terminate any commercial lease you have
• Notify customers and/or clients
• File any necessary paperwork with state or federal agencies
• Cancel licenses and permits to ensure no one else can use them

Doing these things can give you considerable peace of mind and ensure you don’t burn any bridges that could be important in the future. Further, if you do decide to reopen or start a new business, you can do so with a reputation that is intact and untarnished by legal claims and bitter disputes.

It can be incredibly difficult to tackle all the legal elements of dissolving a business alone, especially considering the emotional toll this type of event can take on business owners. Because of this, the guidance and support of an attorney can prove to be quite valuable. With legal representation, business owners across Florida can secure the help they need to make a very stressful situation a little easier to get through.

Tue Aug 28, 7:24pm