Business Closure/Sale/Dissolution/Bankruptcy

Contact an attorney and an  accountant for assistance in creation of a seller’s contract that conforms with Idaho law, filing final tax returns, or assistance in filing for bankruptcy.

Idaho Secretary of State

Secretary of State:  File the appropriate form to terminate the business registration or transfer it to a new owner. For information on closing a business or changing the name, address or other registered information, see the Legal Structure section of this website.

Idaho Small Business Development Center

A counselor can assist you, your accountant and your attorney in closing or selling your business.

Regional SBDC office locations

Internal Revenue Service

• Closing a Business: Find information on topics such as final tax reporting, terminating employee retirement plans, closing because of bankruptcy, selling a business, final employee withholding reports, canceling your EIN and more.
• Closing by filing bankruptcy
• Sale of a business
• Corporate Dissolution or Liquidation

You will also need to close your Idaho state tax accounts and file any necessary final state tax reports.

Idaho State Tax Commission

When a business closes or is sold, state tax permits, including sales tax permits, need to be cancelled or transferred, withholding accounts closed or transferred and a final tax return filed. Visit the Tax Commission’s website for information.

Idaho Department of Labor

Close or transfer your unemployment account. Contact your nearest Department of Labor office for assistance.

City and County Clerk and County Assessor’s Offices

City clerk’s offices manage business activities occurring within city limits. When a business closes or is sold, permits obtained from the city clerk need to be cancelled or transferred. Retail businesses planning a going out of business sale may need a permit. If you secured permits or licenses from your county clerk’s office, those should also be cancelled or updated.

Property Tax: If you pay personal property tax on equipment, the assessor’s office should be notified to determine any pro-rated taxes that may be due.

Small Business Administration

• Close or Sell Your Business: Contact an SBA or SCORE counselor for assistance. Contact the Boise office at (208) 334-9004, extension 333; the Spokane office at (509) 353-2809, or visit the SBA’s website.
• Transfer ownership
• File for Bankruptcy or Liquidate

SCORE: The Service Corps of Retired Executives, SCORE, is a national volunteer organization of current and former business owners, managers, and executives who donate their time and expertise to counsel business owners at no charge. A SCORE counselor can assist you in making the decision to close or sell your business.

SCORE offices are located in Boise, Idaho Falls, and Spokane. Businesses in north Idaho are served by the Spokane SCORE office or visit the national website.