Company Closure

Fee Structure

Closing Proprietorship Firm
Consultation 3000/- INR
Total : 3000/- INR


Closing a sole proprietorship is different and typically much easier than closing a corporation or partnership. For the most part, sole proprietors do not have to consult with anyone else before deciding to call it quits. However, sole proprietors still have responsibilities and obligations to tend and also may have outstanding loans to pay off. It is not an independent legal entity like a corporation or limited liability company and does not have to file formation paperwork with a government agency to officially come into existence, as long as the sole proprietor operates the business under his own name. There are certain optional business-related accounts that a sole proprietor may set up to differentiate business activity from personal activity in the eyes of the public. It is prudent to close these accounts officially when a sole proprietor stops operating the business.

Sole Proprietors is responsible for

1) IRS notification

2) Current year liability

3) Keep records of final tax

4) Close business accounts

5) Cancel licenses

6) Pay debts

7) Collect Past Due Account

Procedure

1) File taxes on time

2) Notify your Creditors

3) Inform Employees

4) Disposal of Assets

5) Transparency in Record Keeping