Your business might be your kingdom, Not built in one day and same go while closing a proprietorship concern. Understand the procedure to close your single owned business. You can our guidance in closing it as well, At AKT Associates, we will help you to short out all issue and take the complete responsibility to properly wind up.
The proprietorship is one of the most popular business form, its simplicity information, Lower cost of compliance and faster closure make it favorite for new startups.
However taking expert advice from our expert will always help you to do things in the most economical, proper and faster way.
What is a situation which warrants closure of proprietorship business?
Generally, a proprietorship continues as long a proprietor wishes to continue it, Following circumstances may prompt it to close it:-
- The proprietor has taken up a job:- Generally proprietorship is started in a hush, generally, it is abandoned as soon as proprietor gets a more lucrative option. However seldom they forget to close it properly and hence invite department’s notices in the future.
- Unattended business: – This may happen most of the case where business stays unattended without any transaction, In such cases, it’s always better to close such business.
Procedure to close
Procedure for Dissolution of Proprietorship: – Without going into legality we are providing herewith general steps which should be taken to dissolve a Proprietorship.
Step 1:- Suspension of any further business.
Step2:- Finalization of Accounts to date.
Step 3 Cancellation and surrender of all registration and certification.
After completing all the procedure business will be considered as closed and the owner will be stand relieved from any future liability.
Need guidance? Talk to our experts
Consult with our experts to get your Partnership wind up done without much hassle