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How do I go out of business

Ok I have a home party plan business (you know like avon, tupperware, etc) This may sound dumb but how do I go out of business?? Just stop renewing my license?

Do I have to send someone a notice? And what about filing taxes is it like if the business does not exsist dec 31 it didnt exist that year? Just like if you were married all year but got divorced in Dec, you file as single, or if your kid was born before dec 31 you can claim him type thing?

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Asked by urromancelady at 6:57 PM on Dec. 9, 2008 in Money & Work

Level 1 (0 Credits)
Answers (5)
  • You would have look at the contracts that you signed if you did or call customer service

    Answer by MamiKD3 at 7:13 PM on Dec. 9, 2008

  • Depending on the company you are with you may need to contact your up line or the company itself. As for the taxes you get to claim all the deductions from when you had the business... Just because you don't have one when you file doesn't mean anything. You would do the same as if you had a job and quit befor the end of the year. Your best bet is to call your enroller and ask about how to leave.

    Answer by SabrinaMBowen at 8:26 PM on Dec. 9, 2008

  • Where you paying taxes to the state? If so you have to call them and then file a zero tax if you did no sales. I worked for a company that stopped using consultants and I had no sales so I thought that I didn't need to file. Well they sent a tax bill for $2K when I called she said oh when you don't file we guessimate your taxes till you file. So I did an ammended tax and paid a $20 late fee and was done. I didn't need a business license so not sure how that works.

    Good luck

    Answer by partiesbyjan at 8:50 PM on Dec. 9, 2008

  • If I'm not mistaken, you don't have to do anything as far as the corp office is concerned, but you will need to file taxes if you're sales are over $5,000 (I think, you might want to call Jackson Hewitt, or H&R Block or someone to check on the exact number of sales)

    If you have a lot of stock, you could run a "going out of business sale" and run everything at your discount, or a little higher just to get rid of it.

    Are you just tired of the business or something? What made you want to quit?

    Answer by lora at 9:18 AM on Dec. 10, 2008


    Answer by nanaevelyn at 12:37 PM on Dec. 10, 2008

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