The article discusses the importance of carefully shutting down a startup to protect oneself and investors from potential liabilities. It highlights the story of Chris Oltyan, who faced fines and legal issues after closing his video game business without properly informing the necessary authorities. Shutting down a business requires understanding legal obligations, prioritizing disbursements, addressing tax and regulatory filings, and terminating contracts. Clearing debts with employees, paying off creditors, and properly handling assets are crucial steps in the shutdown process. The article emphasizes the need for founders to seek legal counsel and follow the formal steps of dissolution to mitigate risks and protect their reputation for future fundraising endeavors.
Startup shutdown when fails By James Wilson
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