How to close down your sole proprietor business

How do you properly close or shut down your sole proprietor business? If you own a business as a sole proprietor and you want to permanently close the business, there are a number of steps to follow. However, in some cases it may be best to sell the business. If you do decide to close it, you'll want to do things like cancel the name registration and business license and close accounts like worker's compensation, the bank account, and sales tax accounts. Lastly, you want to make sure all debts are paid and income tax and sales tax accounts are squared up. Magnaltus Instagram: https://www.instagram.com/magnaltus/ #business #businessmanagement #businessstartup