Business Retirement
This refers to the cessation of business operations and the closure of a company or a partnership
What are the usual reasons why businesses opt to retire or close?
Typically, due to the business owner's decision to retire, sell the business, or face financial difficulties.
If a business opts to close or retire, does it really need to properly process closure?
Yes. Else, the businesses will suffer penalties from regulatory agencies and expose itself to other risks/liabilities.
Is the closure/retirement process the same for every type of business?
No. The process and legal requirements differ depending on the type of business and the type of entity involved.
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Paul McNulty (former US Deputy Attorney General)
