Closing a Business

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Sole Trader:

This is the easiest structure to close. You, as the sole trader are personally responsible for all debts and liabilities accrued by the business.
To cease your business you will need to:


Dissolution of a partnership is best done by an accountant, but partners can dissolve the partnership themselves. All debts must be settled from all of the assets and income of the partnership. Surplus assets are then distributed to partners as agreed in the partnership agreement.


A company remains registered as a company even after it ceases trading. While registered it is still subject to the legal requirements of a registered company, including payment of the annual review fee each year. If you have no further use for your company and it is not in financial difficulty or insolvent, you may wish to close it down, that is deregister it. A company ceases to exist on deregistration.



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