A sole proprietorship has one owner responsible for all debts. To close it:
- Evaluate assets and liabilities
- Inform stakeholders
- File final forms
- Cancel licenses
- Pay debts
- Close accounts
- Keep records
As no formal structure exists, dissolving a sole proprietorship is straightforward compared to other businesses. However, properly closing accounts and settling debts is critical to avoid issues.
Consultants can provide guidance tailored to your situation when shutting down.
How do I cancel my business license in Utah?