What This Resource Does
This printable checklist organizes the work surrounding a business sale or closure. Every task includes an explanation, evidence to collect, and an owner / due-date line. Use it alongside a funded budget and a jurisdiction-specific plan.
The checklist covers decision authority, urgent constraints, assets, contracts, employee and tax workstreams, records, and handover. It is not a statutory notice calendar or a substitute for an assignee’s, receiver’s, trustee’s, or counsel’s instructions.
How to Use This Resource
Define the Decision and the Perimeter
Identify the legal entities, jurisdictions, sites, and person authorized to coordinate the work. Write the next decision and deadline, rather than assuming that closing a bank account closes the company.
Gather Evidence Before Assigning a Status
Work through the checklist by document: approvals, orders, forecasts, lien records, contracts, payroll information, notices, and retention instructions. Mark an item done only when the responsible person can identify its supporting record.
Confirm People and Tax Obligations Locally
Federal guidance is a starting point. Payroll, termination, benefits, notices, licenses, tax accounts, and entity filings can have distinct state and local requirements. Have the responsible adviser write the actual rule and deadline into the workplan.
Budget and Sequence the Exit
Preserving records, staff, insurance, premises, and systems can cost money after the last sale or payroll. Link each workstream to an available funding source and identify what happens if the preferred sale does not close.
Maintain a Handover and Open-Items List
Before marking the project complete, identify who retains records, receives future notices, manages claims, and handles tax correspondence. Carry unresolved items forward with an owner; an unsigned checklist is not evidence of legal compliance.
An organized workplan makes follow-through visible. A checked box does not establish that an applicable legal obligation has been satisfied.
For federal closure work, start with IRS guidance. For workforce notices, review Department of Labor guidance and applicable state requirements. Contracts and property sales may require separate analysis under § 365 and § 363 in bankruptcy.
An Example of a Useful Open Item
Hypothetical only: “Confirm the customer-support records handover” stays open until a responsible person verifies access, retention requirements, contractual duties, privacy constraints, and a funded custodian. Naming an owner and an evidence location is more useful than checking “IT complete” when a former employee still holds the only administrator credentials.