. Consider a "going out of business" sale. Your inventory must go...for whatever you can get. Find out who needs office furniture in your network and get rid of it below cost. Furniture loses its value quickly so don’t think twice about what you initially paid. Computers, desks, chairs, printers, everything should be sold for cash.
. Give employees some notice if possible. If you need a finance employee to help wind up the business, offer the employee a small bonus to stay until the very end. Plan to pay employees their last paychecks on their last day, with the value of accrued, unused vacation days if your state requires it.
, prioritized to protect your personal liability -- money owed to your landlord, bank, suppliers, utilities, and service providers. Ask for letters indicating that your bills are paid in full as you pay off each creditor.
," if required. (If you sold your inventory, you may need to notify your creditors a specific number of days before you close your business, and in some states, to publish a notice of your impending closure in a local newspaper.)
, checking the box stating that this is your final return.
If you sold business assets, file IRS Form 4797, Sales of Business Property or, if you sell the bulk of your business assets to one buyer, file IRS Form 8594, Asset Acquisition Statement. For information on selling your business, see Nolo's article