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Ask About Business Closure Documentation

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By Toolkit Staff | August 21, 2012

Dear Toolkit,

I'm in the process of closing my business. At this point, my biggest concern is ending things on a positive note with my current customers—and receiving my security deposit in full from my landlord. A friend suggested I notify my customers and my landlord via good ole snail mail. Do you recommend any boilerplate language or legalese to include in these letters? I'd like to remain on good terms with both parties while still protecting my company.

Sincerely,

Meticulous in Metropolis

Dear Meticulous,

Your situation is a fairly common one among entrepreneurs. After all, it's always in the business owner's best interest to stay on good terms with current customers and landlords—you never know when those relationships will come in handy again.

To save you time, we've published sample letters directed to customers and landlords. You’re welcome to use and edit these sample letters free of charge. To download them, just click on the appropriate link:

As you customize these letters, please keep these important points in mind:

  • Every business is different. Tailor both of these letters to better reflect the unique aspects of your business.
  • Every lease is different. Carefully review your lease agreement to determine what termination notifications are required and edit your letter to your landlord to include these requirements. Depending upon the complexity of your lease agreement, asking your attorney review the letter to your landlord may be a wise precautionary measure.
  • Every tax situation is different. Contact your tax preparer and/or accountant to ensure you’re disposing of any property in the most tax-friendly manner possible.
  • Every business closure involves the government. Take a glance at the IRS's Closing a Business checklist to guide you through the paperwork and actions necessary to shut down your operation, many of which you’ll also need to complete at the state level. Check with your Secretary of State’s website to see what, if any, filings are required to terminate your business.

We hope your closure goes as smoothly as possible.

Sincerely,
The Toolkit Team

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