steps in closing a business?

[dx8976]

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.

[russpogi]

First thing to do is consult your lawyer and accountant. They will tell you exactly what to do.

[1D4LV]

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.

[ghosthunter]

In my case, I just let my accountant do all the required paperwork to close a business.

[4wrider]

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.

[mackoto]

bat khit net loss ka, may fees pa din sa city hall

[ghosthunter]

bat khit net loss ka, may fees pa din sa city hall

Only two things are sure in life: death & taxes.

[ab_initio]

^^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.