For various reasons - retirement, new career challenges, illness - an entrepreneur may decide to wind up his or her business.
Unless it involves a transfer, winding up a business usually includes the following steps:
- notifying the body that initially registered the business to cancel the business licence or employers' entry in the register;
- complying with social security and tax obligations;
- selling off plant, stock and office equipment;
- paying off any outstanding business debts.
Procedures to wind up a company fall within the authority of each EU country and vary from one country to the other.
Check also the legislation on this topic in: