1. Create a closing plan that's specific to your type of business. Sole proprietorships, partnership and corporations all require different actions, with corporations often requiring the most legal and financial steps.
2. Let your customers, suppliers, creditors and others with whom you did business know you are closing.
3. Remember that the work doesn't end once you shut the doors. You still may need to handle receivables, payables, refunds, legal settlements and other matters — all of which require tax reporting.

Action Steps
The best contacts and resources to help you get it done

Tips & Tactics
Helpful advice for making the most of this Guide

• Notify your insurance agent about canceling policies, but be prepared to let your insurer know about any liabilities that may arise after you've closed your doors.
• Remember the importance of closing professionally, because someday you may go into business again.
• Your accounting method may affect when you file your final tax reports — which could be months after you close.