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  1. Join Date
    Sep 2002
    Posts
    406
    #1
    can anyone help with the steps for closing a business?
    to ensure there is no open file in the city/dti/bir/sec or any other agency?

    thanks.

  2. Join Date
    Sep 2005
    Posts
    3,003
    #2
    First thing to do is consult your lawyer and accountant. They will tell you exactly what to do.

  3. Join Date
    Oct 2002
    Posts
    15,528
    #3
    actually, medjo madugo yan.
    you have to have a clean book, work with creditors, and ensure that employees are paid. tapos, you inform SEC, which i think will need you to have a publication for the closing.

    pero tama, consult a lawyer and an accountant to help you.

  4. Join Date
    Oct 2002
    Posts
    29,354
    #4
    In my case, I just let my accountant do all the required paperwork to close a business.

  5. Join Date
    Jul 2005
    Posts
    494
    #5
    A few tips on closing or retirement of business.

    Make sure that you file an application to file for closure of business with DOLE and notify workers at least 30 days before actual termination.

    Check the city or municipal for procedure on how to retire business. They usually require sworn declaration of current year's gross receipts, barangay certification among others.

    File with BIR the necessary application for termination of business with the necessary papers like amended articles of incorporation, inventory of invoices etc. Be prepared to have your business or what remains of it for audit.

    If your business has secondary license file also with the corresponding agency.

  6. Join Date
    Jul 2007
    Posts
    90
    #6
    bat khit net loss ka, may fees pa din sa city hall

  7. Join Date
    Oct 2002
    Posts
    29,354
    #7
    Quote Originally Posted by mackoto View Post
    bat khit net loss ka, may fees pa din sa city hall
    Only two things are sure in life: death & taxes.

  8. Join Date
    Oct 2008
    Posts
    1,958
    #8
    ^^A tax is a womb to tomb obligation, a unilateral kind.

    +1 ako kay 4wrider. you need to know too if the business is governed by sole proprietorship, or partnership, or corporation. they have different procedures for termination.

    take note of the Labor aspect, notice is important.

steps in closing a business?