Massey Law Firm PLLC

Ending a business is not a sign of personal failure

Many business owners hold their company dear to their heart. In some ways, a business is like a child; the owner watches it grow from an idea to a thriving company. Running a business can be a highly personal experience, which can make times of crisis and change more difficult to manage.

However, Texas business owners may cause more damage if they become too personally invested in their company. When the business has run its course, they might hesitate to close up shop. Waiting too long to end a company can make moving on much more difficult, so the decision is best made objectively.

Closing a business is not a sign that you have personally failed. There are numerous factors that affect its success, including bigger forces in the market that are outside your control. If your business is no longer profitable, enjoyable, sustaining or viable in the current market, business dissolution could be a strategic financial decision.

If you choose to move on from your venture, you have a few legal obligations to fulfill. First, you must sort out tax matters. The IRS should receive notice that you are ending the business. In addition, you will need to inform and pay your employees. There are several more financial threads to tie up before the business is officially closed.

Business owners should know all of their options before proceeding with this major decision. An experienced attorney can explain how to sell the company, declare bankruptcy, follow state and federal laws and answer any questions you have about this process. Proper dissolution can allow you to pursue the next opportunity freely.

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Massey Law Firm PLLC
601 Sawyer St.
Suite 225
Houston, TX 77007

Phone: 346-800-6101
Fax: 713-588-8437
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