How do I close a business entity?

Closing a business entity in New Jersey is an important step for business owners who want to formally end their business operations. To start, the owners should file a Certificate of Dissolution with the New Jersey Division of Revenue. The form must include the entity’s name and the reasons for dissolution, such as bankruptcy, winding up operations, or a merger. Filing fees may also be required. The owners must also file an Application for Voluntary Dissolution with the New Jersey Division of Revenue. This application is used to dissolve the business entity from taxation purposes. All outstanding taxes, fees, and assessments must be paid in full. Next, the owners must determine whether they need to notify employees, customers, lenders, or suppliers of the dissolution. If so, they should draft and send a formal announcement. Finally, the owners should complete additional steps to close out their business. For instance, they should transfer leased equipment and cancel licenses, permits, and businesses registrations as necessary. Once all of these steps are completed, the business entity will be officially closed in New Jersey. The owners may also need to complete additional filings with other states or the federal government if applicable.

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How do I close a business entity?

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