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How To Cancel Your Business License?
A business license is a permit given to operate any business lawfully. There are a variety of permits that are linked and given in the case of a business license. But in any circumstances, if you would like to shut down the business, then the priority is to cancel all the permits and licenses issued at the start of the business. If by any chance you have neglected the issue of canceling the license, then you might face many difficulties in the future. If the license copy gets into other’s hand, then you will be liable for all the taxes incurred.
Steps to Follow for Cancelling Your Business License
1. Find the Permits and Licenses
At the time of starting a business, you might have applied to a variety of business licenses and permits. Now at the time of closing, you should go through all the records to find out the permits and licenses.
- The licenses or permits that you might have taken
- Fictitious Name for the business
- Resale or Wholesale or Seller Permits
- Tax Registration
- Specific industry related permits like food manufacturing given by departments of the government.
2. Identifying the Government Agencies that have Given the License
Various departments in the government issue the licenses for starting the business. So if you are planning to close your business, then you need to cancel each license by contacting the related agency.
If you are not able to keep the hard-copy of your license, then you can contact the state division of a corporation. If you tell them the type of license you are holding, then you can get all the information regarding which agency to contact for canceling all the licenses you are holding.
Many agencies are involved in the cancellation of license. Each organization has its process of canceling the license. So you need to reach for each agency and ask how to cancel the licenses.
3. File for Abandonment and Publish the Notice of Abandonment
Take the help of the state board to ask for any form filling is present or not. There are some agencies which require you to write a letter instead of filling a form for the cancellation of license.
After filling up of the form, you also have to publish a notice in the newspaper, stating that you are abandoning the business. In the notice, you should also state the fictitious business name that you have used for doing the business.
4. Canceling the Resale or Wholesale License
You should make a call to the state office to inform that you are canceling the business license. All the licenses like the resale, wholesale and other types of licenses are also canceled in the process.
After deciding to cancel the license, you also need to inform all the suppliers that you are no longer in the business. Always be sure that you keep the record of the canceled business license.
5. Contact the City for Canceling the Business Registration License
You are needed to inform the City by filling out a form, providing a letter, or by making a call. You should include all the details in case there are further questions regarding the cancellation of your business license.
You should provide all the details such as
- Your Name
- Your Customer Number
- The Business Legal Name
- The closing date of the business: month, day, and year
- Your full contact information like phone number, email, etc.
6. Cancellation of other Permits
If you are holding permits other than the business license, then you need to cancel all the permits also. You need to contact the appropriate agency to have the permit canceled. The additional permits include liquor license, food preparation license, etc., Always be sure to keep a copy of the communication that you receive from all the departments, to have the proof that you have canceled your business license.
Make sure that you have cleared all the taxes and filed the final tax returns before you go for the cancellation of the license. Always check for the state deadlines for filing the returns and paying the taxes.
Conclusion
If you have decided to close your business, then you need to cancel all the licenses and permits that were issued to you at the start of the business. If you are canceling your business license and do not know how to proceed, then contact Bizlic(Corp-n-Biz Recorders) to help in the process of canceling all your business and permits. Contact us at 818.243.1987 for more details and a Free Consultation.
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