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Michigan business dissolution: Knowing when it's time to close

Closing one's business can be a difficult process. Not just because of all the little details that must be tended to, but because shutting down one's life work can be an emotional affair. Business dissolution may come by choice or necessity. Knowing when it's time to close may be obvious for some, but not for others. In either case, company owners in Michigan may need assistance getting through the process with assurances that everything is taken care of appropriately.

A business owner who has had a successful run and is nearing retirement may choose to dissolve a company rather than sell or pass it on to family members. Building a strong company like this did not happen overnight, and closing one's doors is the same. Certain steps must be taken to ensure the business owner gets the most out of the company and that all accounts are settled and appropriate taxes and fees paid so that there will be no surprises in the future.

Another business owner might choose to close up shop not longer after opening the doors. After investing so much time, effort and money, this can be a tough decision, but there are some clear signs that might suggest it is the right move. These signs include that the stress is starting to feel overwhelming and that one feels no more joy or satisfaction in his or her work.

Regardless of why a business owner might want to or have to shut his or her doors, there are certain things that must be done in order to ensure all of the legalities are properly addressed. A business attorney can assist company owners in Michigan throughout the course of dissolution. With this help, business owners can get the most out of closing and minimize the risk of litigation and future penalties that could come if errors are made during the closing process.

Source: entrepreneur.com, "3 Signs That You Should Shut Down Your Business", Deborah Mitchell, Sept. 8, 2015

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