A sole trading business is probably the least complicated to close.

As a sole trader you are personally responsible for all the debts and liabilities accrued by the business. To voluntarily wind up your business you will need to:

• Conclude any ongoing contracts;
• Sell stock and remaining assets;
• Collect outstanding debts;
• Pay creditors;
• Notify all interested parties eg: banks, landlord, customers, suppliers, local council and registering bodies;
• Cancel or transfer your registered business name through ASIC's online smartform; and
• Distribute the remaining money to yourself.

What's next...

• How do I close a business with employees ?
• What are my tax obligations when I close my business?