In the life cycle of an entrepreneur, shutting the doors on a business isn’t necessarily a gloomy situation. The end of one venture often signals the start of something new and the beginning of the next exciting journey. This is particularly true in the fast-paced high-tech and software world, where only a small percentage of startups mature.
Yet to embark on the next project, you’ll want to properly close the books on your previous company. There are legal and financial ramifications at stake: Without formally closing a business, you can still be charged fees and required to submit tax returns to the IRS (including an annual report to the state).
Additionally, closing a business the ‘right way’ ensures the network, reputation, goodwill and momentum you’ve built with the first company can be gracefully transitioned to future projects.
To read the full, original article click on this link: How To Close The Books on Your Startup
