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Closing of Non-profitable Sole Proprietor Business

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khalel


Arresto Menor
Hi,

I registered a sole proprietor business (more than a year now) with:
- DTI registration
- Barangay clearance
- Business/Mayor's permit

All these but without BIR registration. It has been non-profitable since the beginning. So I have these questions:
1. What are the procedures that I need to do to close the business?
2. How much will it cost me to close a business?
3. Can I just reatain the DTI registration and let it just expire since it has 5 years expriration?

Please help me. Thank You!

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Ladie


Prision Mayor
To my layman understanding, only if registered with BIR that you have to file a closure of your business at BIR. Anyway, why not go directly to DTI and ask them since you are more concern on its effectivity duration? Why do you worry about the mayor's permit? Is it not only good for one year? If so, then let it expire and close your establishment.

___________
Sharing only my opinion and some knowledge based on experience.

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attyLLL


moderator
you will also have to file a notice at the mayor's office


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khalel


Arresto Menor
Thank you for the reply Sir Ladie and Sir attyLLL.

Sir attyLLL, is there any document to submit upon giving a notice at the mayor's office?

Thanks!

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Lunkan


Reclusion Perpetua
Why close it?
Perhaps you will need it later, and then you will have to pay registration fee again, if you have closed it.)

(I have one in an other country, which I have kept many years (beside the one I have running for other type of business.) I just write "Inactive" at a tax paper once a year, which isn't much work Smile

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