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Closing one of my my small businesses was relatively easy. Once any customers that were in the funnel were taken care of, I simply started telling people that the business was closed. I began removing my business from marketing, lead generation, and other types of email lists. I requested an end date for my business insurance, and will need to file final sales tax returns and cancel my business license. I’ll also need to file the final federal and state taxes on it, but since I don’t pay quarterly that won’t happen until the next April.

The IRS offers a checklist for closing a business. Most of the items on that list did not apply to me, since my business had no partners, no employees, no shareholders, and no subcontractors. Right now it’s looking like the only thing I will need to file from that list is the Asset Acquisition Statement to report business asset sales. Since I am most likely to sell those assets to myself, I’ll need to check with the IRS about what is involved with that. They are not worth very much anyway at this point.

There are a few more things that I still need to look into, but overall the process is going faster than I’d thought it would. I am still somewhat sad about doing this, but it doesn’t really feel like giving up on a dream. I can still do the part of the business that I enjoy if I want to — while leaving someone else with the advertising, sales, production, and paperwork headaches. And I’m feeling a lot happier with the increase in time for myself & my family.

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