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Business Closure

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1 Business Closure on Thu May 11, 2017 12:15 pm

bb8


Arresto Menor
Hi,

I have a business registered under partnership and planning to close it by next month. Any advice where I can have a partnership resolution / partnership dissolution pattern? and if it is required to be notarized?


thanks

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2 Re: Business Closure on Fri May 12, 2017 12:55 am

Lunkan


Reclusion Perpetua
here you can see procedure http://businesstips.ph/how-to-close-a-business-in-the-philippines/

if the link don't function still, DTI has similar info somewhere

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3 Re: Business Closure on Sat May 13, 2017 9:28 am

bb8


Arresto Menor
thanks Lunkan, I read the procedures before, but im having a problem producing Notice of Dissolution

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4 Re: Business Closure on Sat May 13, 2017 8:47 pm

Lunkan


Reclusion Perpetua
bb8 wrote:thanks Lunkan, I read the procedures before, but im having a problem producing Notice of Dissolution  
Why? Someone don't want to sign/hard to find the partner?

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5 Re: Business Closure on Sat May 13, 2017 9:20 pm

bb8


Arresto Menor
I have no problem with my partner, I'm having a problem what will be the content of it and how to compose the Notice of Dissolution. Or do we need to go to those who are offering notary service to produce it?

thanks

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6 Re: Business Closure on Sun May 14, 2017 1:56 am

Lunkan


Reclusion Perpetua
bb8 wrote:I have no problem with my partner, I'm having a problem what will be the content of it and how to compose the Notice of Dissolution. Or do we need to go to those who are offering notary service to produce it?
I don't know what the register and BIR demand.

But you need to "empty" the business so there will be NOTHING left of any value.
=e g you CAN'T just take computers and furniture from the business to your private. (I don't know if BIR have any silly restrictions Smile but realisticly you can sell them to yourself as long as the price isn't to low.

That mean you need to show BIR the end result too.

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7 Re: Business Closure on Sun May 14, 2017 6:51 pm

bb8


Arresto Menor
Regarding the "need to empty the business" we used our personal computers and we declared those in our books, I'm now more confuse how am I going to "empty" my business and produce the "Notice of Dissolution"

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8 Re: Business Closure on Sun May 14, 2017 7:01 pm

Lunkan


Reclusion Perpetua
bb8 wrote: Regarding the "need to empty the business" we used our personal computers and we declared those in our books,
That sound as you let the business buy the computers from you.
If so, buy them back Smile for a fair price so BIR has no reason to complain at to low valuing.
bb8 wrote: I'm now more confuse how am I going to "empty" my business and produce the "Notice of Dissolution"
All assets has to be "sold" so the business has nothing left, because after the closure will the business don't excist, and assets can't be owned by someone who don't excist Smile

I haven't seen any "Notice of Dissolution" but I asume you add what's asked for Smile

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9 Re: Business Closure on Sun May 14, 2017 11:00 pm

bb8


Arresto Menor
Yes as an entry my personal computer is declared to use in business. If I am going to buy them back how can I do that? I mean the process of buying them back


Would you advice that I should ask an attorney who offers notary nearby to produce the "Notice of Dissolution"?

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10 Re: Business Closure on Mon May 15, 2017 2:54 pm

bb8


Arresto Menor
I was thinking if it can be distributed among partners instead of buying them back

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11 Re: Business Closure on Mon May 15, 2017 4:45 pm

Lunkan


Reclusion Perpetua
bb8 wrote:Yes as an entry my personal computer is declared to use in business. If I am going to buy them back how can I do that? I mean the process of buying them back
Write a reciept and pay it Smile

When you "declared to use in business." then I suppouse the business PAID you something for the computers,
because why did you do such declaration otherwice?
bb8 wrote: Would you advice that I should ask an attorney who offers notary nearby to produce the "Notice of Dissolution"?
I don't know, but I suppouse you can fill the documents yourself.
bb8 wrote: I was thinking if it can be distributed among partners instead of buying them back
Noooooo. Then would BIR have right to screem Laughing
All assets - except money - need to be emptied, so BIR can see if there is any profit to pay tax at.
Then distribute the MONEY between the partners, tax or no tax depend of if the business had a profit or not the last year after the "sell out".

If you want assistance concerning the "sell out", ask an ACOUNTANT. One such can look at the OLD book keeping to know what to do with the computers and if there are other things you need to "sell".

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12 Re: Business Closure on Tue May 16, 2017 11:11 am

bb8


Arresto Menor
Thanks for the advice

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