Business Closure

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

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

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

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?

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

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 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.

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"

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 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

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

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"?

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

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

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
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".

Thanks for the advice