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I need help on how to close a business

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1 I need help on how to close a business on Tue Aug 24, 2010 7:10 pm

consce


Arresto Menor
Hi everyone. I'm hoping that I could find here the answer to my problem.
Last 2003 I put up a business & it's a corporation. It was doing good until late 2005 when financial problems arise. Poor collection & supplier issues pull-down the company to bankruptcy. Me, as the head owner, lost a lot of money & buried in debt. I was forced to go back working abroad & I left the country in 2006. In chaos & confusion, I was not able to close the company. I also lost contact of the other incorporator. Much worse, all of the documents are lost (i.e. BIR Reg., SEC Reg, receipts, etc). I know that some of it are lost during the typhoon Ondoy where my house were flooded.
The company stop its operation late 2005.
Since 2006, my wife is filing a "No Operation" form to the BIR to avoid penalties.
My question is there a way that I could finaly close the company & settle everything with the BIR & San Juan City Hall, once & for all.
I'm hoping that someone out there who could help me settle this matter legally. Please Help.
Thank you,
consce

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2 Re: I need help on how to close a business on Wed Aug 25, 2010 1:45 pm

attyLLL


moderator
the company will have to file articles of dissolution or amend its articles of incorporation to shorten its period of existence. this will need to be filed and approved by the SEC.

local governments have a form and a process for shutting down businesses. you should inquire at the permits office. the same with BIR


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3 Re: I need help on how to close a business on Sun Aug 29, 2010 3:23 pm

consce


Arresto Menor
attyLLL wrote:the company will have to file articles of dissolution or amend its articles of incorporation to shorten its period of existence. this will need to be filed and approved by the SEC.

local governments have a form and a process for shutting down businesses. you should inquire at the permits office. the same with BIR

Hi Sir attyLLL,
My problem is that all of the documents from BIR (registration, books, forms, old receipts, etc) have been lost. What will happen. Pls, I need your advice. Thanks.

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4 Re: I need help on how to close a business on Mon Aug 30, 2010 4:53 pm

attyLLL


moderator
you will have to bring this concern to the BIR regarding what doc requirements they will ask you to submit.


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Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
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5 Re: I need help on how to close a business on Fri Feb 25, 2011 11:57 am

Sanjo S


Arresto Menor
Hi sir how would this case apply to a Sole Proprietorship business? In my case, I am totally broke and I have no stake to liquidate to repay my debts.

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