Contractors who have spent years trying to make money often fail to think about how they will protect their assets once it's time to sell or close down the business. But this decision has important legal ramifications, and your goal should be to do it in the cleanest possible manner.
While there are several ways to leave a business, the most common is to simply close the doors or transfer it to someone else, usually by sale. Many of the issues involved in closing a business are routine, like paying taxes and notifying customers. You'll need to close out accounts with vendors and formally terminate your licenses and leases....
to continue reading