How do I close a business entity?

Closing a business entity in Florida is not as straightforward as opening one. Depending on the type of business entity, the closing procedure may differ. Generally, steps for closing a business in Florida involve notifying the appropriate government agencies, paying all outstanding fees, settling any outstanding debts, and surrendering the business’s license. First, the business must notify the Florida Department of State and the Internal Revenue Service that it is dissolving. This can be done by filing the appropriate paperwork for the type of entity. For example, a corporation may need to file Articles of Dissolution. Second, all outstanding fees must be paid to the applicable government agencies including the Internal Revenue Service and the State of Florida. This includes current taxes, penalties, fines, licenses, and permits. Third, any outstanding debts must be settled. This includes bank loans, debts to vendors, and any other creditors. Fourth, the business must surrender its license. Depending on the type of business, the license could be held by the county or the state. The business should contact the appropriate agency to surrender the license. Finally, the business must obtain Certificate of Status from the Florida Department of State. Once all of the above steps are taken, the business can be officially closed.

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How do I close a business entity?

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