Closing Your Business
Are You Considering Closing Your Business in Ontario?
When you come to the point where you’re are looking to step away from your business, there are a few ways to do it. In a best-case scenario, your company did well, you might consider selling it as a going concern. If this is the case, you should talk to both your lawyer and accountant.
If the company is in good shape and you don’t have any buyers, you may want to consider dissolving your company. This process requires that all of the business creditors, including the Canada Revenue Agency, are paid in full. Your lawyer can assist you with this.
If the company didn’t do as well as planned and the choice to walk away from the business was made for you, you may want to consider bankrupting the company. This option is practical when there are some assets or cash but not enough to pay the creditors in full. If this sounds like your situation, you will want to speak with a Licensed Insolvency Trustee. When there is no money to pocket at the end of the day from an insolvent corporation, there is still benefits to assigning the corporation into bankruptcy. These benefits include: resolving creditor issues; ending the obligatory requirement to file all government returns; and having a piece of mind knowing that the business has been closed and issues taken care of.
If you have any questions, please do not hesitate to contact us. We are here to help!
We Can Help You Close Your Business
If you’re ready to close your business and need assistance with the process feel free to reach out for a free consultation.
We do our best to respond to all inquiries within 24 hours.
Ready to close your business? Contact us today!
If you’re ready, we can help you through this difficult process. Or, if you’d simply like to learn more about us, we can’t wait to hear from you. We do our best to respond to all inquiries within 24 hours.