The specific procedures that you'll need to follow in order to close or sell your business will vary depending on its structure and its products, but following a logical plan will help. You should consider each of the following steps:

• If you're not a sole proprietor, you need to come to a written agreement with your partners or corporation shareholders to either sell or close the business in part or in whole.

• Consult your legal, financial, and tax advisors to ensure that you receive the best and most timely advice possible on the process.

• Ensure that your financial records are completely up to date.

• If you're a retail or manufacturing operation, conduct an inventory of your merchandise.

• Ensure that your list of physical assets is accurate.

• Send letters to customers, suppliers, creditors, employees, and everyone else who might be affected by the business sale or closure, be clear about what's happening, and identify the timeline and whom they can contact if they have any questions.

• Conduct final sales of merchandise and assets as applicable.

• Settle accounts payable and hasten outstanding accounts receivable; pay off other business debts.

• File all necessary financial, tax, and corporate paperwork with federal and state agencies as necessary.

• Close bank accounts, and store business records (for seven years).

Document each of these steps thoroughly, even taking photos of assets to show their condition, for example. The closing or sale procedures will have tax implications for you so ensuring that you can back up the value of the assets that you've sold will assist you in dealing with any questions that arise later on.