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SELL OR Close Your Business

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Step 19
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SELL OR Close Your Business

You’ve built a successful business from the ground up. Perhaps now’s the time to exit and move on to your next idea. Learn more about the process of closing your business.

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The decision to exit your business may come from a desire to seek a change, enjoy retirement, or pursue new ventures. While you might pass the business on to a family member, it may be difficult to find the right successor. In cases like this, businesses need to change their legal status.

Selling Your Business

Deciding to sell your business depends on various factors. The sale of a business may lead to a significant payout, monetization of the value you've built, and freeing up time. However, business sale is complex. It often requires the founder to scale operations to the extent that business success is not dependent on one person. It also requires significant preparation as the business owner prepares accounting, operations, sales, and other functions for a potential transition.

Purchasing or Selling a Business - Utah State Tax Commission
Learn what Utah law requires if you’re selling or purchasing a business.

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How to Dissolve a Business

A corporation or other business entity may cease operations for many reasons and in a number of ways. When a business is terminated or its legal status changes, there are licensing and regulation requirements that must be met.

How to Dissolve a Business  - Utah.gov/business
Learn about licensing and regulation requirements that must be met when dissolving a business.

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