Closure or retirement of Business

Business may end its operation for many reasons. On the negative side, one reason may be to prevent or avoid further losses of the business. On the positive side, ending a business’ operation is a way of opening a new venture through products or services’ transformation or business expansion. Regardless of the reason, the original business registration must end its life. Otherwise, this may inflict or generate penalties for possible failure of compliance with the Bureau of Internal Revenue, Local Government Unit where the business is situated, and/or the Securities and Exchange Commission, and/or with the Department of Trade and Industry.

Comparing the retirement process with that of business registration, the former is definitely a tiresome task. Well, there are different steps and processes depending on the type of the business (sole proprietorship, partnership, corporation, cooperative). If the business is a holder of a secondary license, that will add some stress due to additional steps in order to retire the business registration.

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