Businesses Going Out of Business List

Unfortunately, you can't simply put up a "closed" sign in your business' window and just call it quits. So, we've put together a few tips on what you need to take care of when closing your business as well as a recent listing of companies that are going out of business or closing select satellite offices.

Below is a list of typical actions to take when closing a business, depending on your type of business structure. You can use this as a general checklist to make sure you've covered all the necessary bases for a smooth and successful closure. This will help you make sure that you're clear from any responsibilities to the government, preserve current business relationships, and make sure that you have taken proper care of any existing employees.

•    Make final federal tax deposits
•    File final quarterly or annual employment tax form
•    Issue final wage and withholding information to employees
•    Report information from W-2s issued
•    File final tip income and allocated tips information return
•    Report capital gains or losses
•    Report partner's/shareholder's shares
•    File final employee pension/benefit plan
•    Issue payment information to sub-contractors
•    Report information from 1099s issued
•    Report corporate dissolution or liquidation
•    Consider allowing S corporation election to terminate
•    Report business asset sales
•    Report the sale or exchange of property used in your trade or business

You may also be interested in this recent list of companies going out of business:

-Circuit City (filed Chapter 11)
-Linens N' Things
-Wickes Furniture Store
-Levitz Furniture Store
-J.Jill
-Cache
Companies scaling back and closing select stores:
-Dillard's
-KB Toys
-Home Depot
-The Sharper Image
-Ethan Allen Interiors
-J.C. Penney
-Lowe's
-Office Depot
-Sprint Nextel
-Macy's
-Foot Locker
-GAP
-Talbots
-Eddie Bauer
-Ann Taylor

Paying attention to a businesses going out of business list can help you find some lucrative opportunities to get involved with. But you'll want to make sure that you are made privy to as much background information as possible before you jump into anything. Because regardless of how much potential for success there is, there is always the potential of some unseen pitfalls that you need to make yourself aware of before you sink any money into it.