Whether by choice or necessity, closing a business, whether in Michigan or elsewhere, is something many owners face. The dissolution of a business may be something for which a plan exists -- if an owner has no intention of keeping his or her company open after his or her retirement or death, -- or it may be something for which no plan is in place. Regardless of when or why an owner decides to close up shop, a lot of preparation and planning goes into closing a business successfully and with the proper legal protections in place.
Business owners and entrepreneurs in Michigan might find it beneficial to learn more about the sale of an enterprise as described by the IRS. Each asset associated with the business is to be sold individually so gains and losses can be properly evaluated. However, because many businesses require a variety of assets to sustain operations, the assets should be classified appropriately.
Michigan businesses may be interested in an alternative method to take a company public. This method allows the company to save time and money while gaining access to a much greater pool of capital than when the company was privately owned.
Independent booksellers have had a tough time in recent years. Between the growth of bookstore chains and the increasingly popularity of e-books, many small stores are struggling and failing to stay in business. That's the case for a Michigan bookstore called Pooh's Corner. The Grand Rapids children's bookstore, named for the place made famous in the Winnie the Pooh stories, is closing after 38 years. The beloved Breton Village mainstay, which its website says is the "largest independent children's bookstore in West Michigan," will close on May 23.
Some 430 employees of Teleperformance USA have lost their jobs at an Ann Arbor call center, and that call center is now closed. The layoffs, which occurred this month, resulted from the firm's loss of its contract with Google. Google whose name has become synonymous with Internet searches, confirmed that it is not renewing its contract with Teleperformance to provide customer service support. The representatives in the Ann Arbor call center handled technical support for Google products.