Liquidating a small retail business thetelegraphandargus co ukdating
If you owe the government any taxes, it will have claims to your liquidated assets.
Liquidation is just one business exit strategy option.
And, donating outdated equipment, furniture, and inventory to charity will earn you small business tax deductions.
When a business undergoes liquidation, you liquidate assets to pay off debt.
When you intend to sell a car, you make it look its best so you get the most money for it.
Likewise, make sure all your assets look presentable.Make sure to deduct costs of the sale when figuring out your net sale income.