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A Guide To Shutting Down Your Shop

It is the desire of every business owner to have the business owner to have their business prosper without closing down. It becomes very difficult a decision to make of closing down a business. Closing a business that you have sacrificed so much to have is never easy. A business is brought from incubation until it becomes operational with a lot of ups and downs. This is an opportunity to go to greener pasture for substantive number of people. Some guides can be accommodating in the process of stopping operations for your shop.

Before stopping operations of your business, ensure that you have been paid all the invoices from your clients. It is important that you contact all the people who owe you money and inform them to pay as soon as possible. This money may be of help to you in your next undertaking. If your clients have problems paying up, you should ensure that you remind them often. There are those who would be reluctant to pay for the services, and this should move you to demand for it. You can impose an interest in the amount they owe you. At this point, if there is one who you think is not willing to pay, you need to get them a lawyer.

When your clients have all paid your dues, it now your chance to do the same. It is for your interest that you pay other people before calling your business off. If the money you have cannot be enough to pay the debts, you may consider taking small loans. Failure to pay will see you being taken to the court to be compelled.

Closing the business means that your staff will also be jobless. As such, there is a need to notify the staff of the closure so they may make the necessary arrangements concerning their future. Write all your employees a recommendation letter to make work easy for them in finding other jobs. Consider paying them all their dues before you consider closing the shop down. Despite the financial situation you are in, one thing that should be guaranteed is the salaries of your staff. it will be perfect for your reputation.

There is need to clear your lease before moving out of your business. The contract is unambiguous on the number of days for the notice. You need to give enough notice to the company. Failure to adhere to the rules can see you fined. Finally, you need to ensure that all your tax dues are paid. the tax man will always come for you even after the closure of your business. These steps are critical in helping your close down your business in the best way possible.

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