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Dissolve my business

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This topic contains 9 replies, has 5 voices, and was last updated by Avatar of Jason jason 4 years, 4 months ago.

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  • #4515
    Avatar of wallstreet
    wallstreet
    Member

    How do I dissolve my business? I plan on retiring within the next 12 months. I want to completely shut down.

    • This topic was modified 4 years, 8 months ago by Avatar of wallstreet wallstreet.
    • This topic was modified 4 years, 8 months ago by Avatar of Robert Robert.
    • This topic was modified 4 years, 8 months ago by Avatar of Aaron Aaron.
    #4582
    Avatar of Aaron
    Aaron
    Member

    @ Wallstreet:
     
    If you are certain that you no longer wish to run your business, and you do not plan on selling-off your company to a prospective buyer, dissolution is probably your best option.  Bear in mind that you will need to do some corporate upkeep before proceeding that may require assistance from an accountant or a specialist.
     
    If you are operating a corporation within the jurisdictions of Alberta, Ontario or even Canada-Wide (Federal), you can review the Business Development Centre dissolution packages.   If you are operating a corporation outside these jurisdictions, please feel free to contact us for more information.
     
    If you are not operating a corporation and plan to close either a Sole Proprietorship or Partnership please review our business cancellation packages, or contact us directly at 416-649-8721  for assistance.

    #4928
    Avatar of wallstreet
    wallstreet
    Member

    What if I dissolve then decide to start up again?

    #5142
    Avatar of Aaron
    Aaron
    Member

    Corporate revival is an option, as long as certain requirements are met.  
     
    In addition to filing your Articles of Revival you will be required to pay a fee and complete a NUANS / name reservation to ensure that the company’s name is still available.  Furthermore, you will need to ensure that your corporate income tax and annual filings (if applicable) are up to date.  If your corporation was dissolved due to a failure to comply with applicable provincial or federal annual filings, tax remittances, securities laws or otherwise, you may also need to obtain consent from the respective governing body before revival will be allowed.
     
    To obtain more information about corporate revival or to get an estimate, feel free to contact the Business Development Centre for assistance at 416-649-8721.
     

    #5143
    Avatar of Anthony
    Anthony
    Moderator

    You always have the option of reviving a corporation that has been dissolved. If you do this, you will need to file corporate tax returns and fulfill annual reporting requirements for all of the missed years. You would also need to reactivate the corporation’s tax accounts (GST/HST, payroll, import/export, etc.).
     
    The name will need to be checked and reserved before you can file articles of revival. If the corporation’s original name is no longer available, it would need to be revived under a different name.
     
    Talk to a lawyer for an opinion about whether there are any legal repercussions for your particular situation. You will also be able to get advice about whether revival or a new registration would be better for you.
     
    If you want to do it a simpler way, and don’t mind losing your ‘history’ with the old corporation, you can register a new one. This is faster and easier, though you wouldn’t be able to benefit from your old reputation. The new corporation will be completely unrelated to the old one. The new company would need new tax accounts.
     
    If you were registered as a small business, and that registration was cancelled, there is no way to revive the old licence. Register again. It will have a new registration number, but you would be able to use the same HST/GST and payroll accounts as long as you call the Canada Revenue Agency to have them reactivated.

    #6365
    Avatar of Brocel
    brocel
    Member

    It is not difficult if your business is sole proprietorship. You need to calculate business’s liabilities & assets. Then pay your debts and receive money if there are any sales on credits. I mean to say that you have to make all the accounts at a zero. 

    #6369
    Avatar of Anthony
    Anthony
    Moderator

    This is correct. If the business is not incorporated, then it is simply a matter of taking care of outstanding liabilities, closing bank accounts, cancelling tax accounts with the Canada Revenue Agency, closing workers compensation accounts, if applicable, and cancelling your business name registration. If you are a member of a partnership, then you should have a partnership agreement that describes what happens in the event of the business wrapping up.

    #6750
    Avatar of Brocel
    brocel
    Member

    It is general info that if any one like to close their business activities then he have to settle their accounts.

    #7998
    Avatar of Jason
    jason
    Member

    You can give your company on rent to some person. So that you will earn money after retirement. And your company will remain in running position.

    #8056
    Avatar of Jason
    jason
    Member

    You can give your company on rent to some person. So that you will earn money after retirement. And your company will remain in running position.marketing planning Services

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