For those exiting the business

For those who’ve decided to exit this business let me offer some advice. Depending on your State’s commerce laws, you may want to keep your LLC active. In some states dissolving your corporation may open you up to personal liability should someone file a law suit against you. Along this same line you may want to keep your business liability insurance current as well. Some policies, if canceled, will no longer cover liabilities that occurred in the past. Your State and the State you’re incorporated, may have statues of limitations in regards to litigation.

I’m not offering legal advice, nor does this post establish a client relationship. As always seek the advice of a qualified professional as your situation is unique to you.


@RiverpointeTax Understand that your post isn’t legal advice nor does it establish a client relationship.


Thank you for your insightful note to those finding themselves in this position.

Appreciate your thoughts & input.

Yes, concur :100: percent that each individual should always seek the advice & guidance of a qualified professional for each scenario encountered.


Also go to for information about closing a small business. And I agree that you should always check with a tax professional for the final business tax return.

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