Here are some key items to consider in the wind-up process . Do not give sweetheart deals when liquidating assets. Grant Collingsworth, a partner with the law firm Morris Manning and Martin, has seen his share of company failures. Creditors will always question these arrangements, since you're essentially giving away money owed to other people. Hire an accounting firm to handle the transactions.
Bills come in for a long time after the company has closed.
Hiring an accounting firm to pay the bills makes sense, as opposed to retaining an employee. Switching the officers of the corporation from management to investors also is useful. It is a small detail, but you don't want corporate officers who have left the company to have check writing and signing authority. Figure out if it's necessary to declare bankruptcy. In very simple terms, there are two forms of bankruptcy, Chapter 11 and Chapter 7.