Sunday, July 02, 2006

How to Legally Close a Franchise Business

First thing that you must do, you must file forms for dissolution of your business with the city in which it was legally formed. You can find forms for dissolving domestic franchise businesses there in the city hall. From there they will be guiding you to the steps in proper closure.

If your company is a corporation, you may inquire the SEC info section for requirements on dissolution. You may go to the nearest BIR for the requirements on closing your franchise business. But definitely the BIR would require that you have submitted, completed and reported all the forms required of you like monthly VAT (if applicable) remittance form and quarterly Income Tax return, etc. Sad thing is they will not allow you to cancel your BIR Registration at once, unless you have complied the filing of returns and paid the amount if there is any.

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