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What should I do if I want to close my New Jersey business?

Bringing about the end of a New Jersey business takes more than simply closing its doors. In order to prevent the state and federal governments from seeking taxes and other business compliance requirements from it, a business must officially remove its name from public acknowledgement. This post looks at how that process may be done; however, those with specific legal questions about terminating a business should seek out legal answers that address their unique needs.

Before a business is allowed to remove itself from the public record and close it must have its affairs in order. This means that the business must be in good standing and not have obligations outstanding on its books. Certain businesses require tax clearance documents to be issued to them before they may officially wrap up operations, so parties considering business closure should explore what is required of their particular business type.

After a business brings itself into good standing, it must prepare a variety of documents to submit to the state of New Jersey. The closure of different business types may have different documentation requirements. Depending upon whether an American business or a foreign business is closing its doors, the filing requirements for particular entities may differ.

Much of a business dissolution may be done online through the New Jersey government's website. However, due to the complex nature of preparing the right documents and completing all of the necessary steps in the process, some people choose to utilize the services of business professionals during the closures of their corporate entities. Attorneys who work in the business law field can walk their clients through business sales, dissolutions, mergers or other corporate legal transactions.

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