Firstly, keep your employees well informed about your decision. It is always better to notify them in advance instead of delaying it to the last minute. This is useful for a couple of reasons. Firstly, your employees will have ample time to apply for a job in a different company or organization. Prior notification will also instill a sense of confidence in your employees’ minds that you chose to declare your decision to them directly instead of involving third parties. You can also write a letter of proposal for each employee stating that he has immense potential to work in the prospective organization. This could be your way of thanking your employees for having worked in your company with dedication and effort.

Next, inform your customers. Set a particular deadline. Ask them to place orders for your products within that deadline. This way, you can manufacture sufficient number of pieces before closing the business forever. Terminate your accounts and contracts with suppliers. Also, remember to file for tax returns. Prepare your applicable tax and financial forms. Submit them to your federal tax agency.

Do not leave any stone unturned. Make sure you close your company in a legal manner to avoid any type of misunderstandings with your clients, customers, employees or suppliers.

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