Moreover, your business is at least solvent or near-solvent, so bankruptcy is not an option.
And even if you were near or at insolvency, you'd probably find it preferable to liquidate your assets and negotiate amounts owed to your creditors, while at the same time avoiding the stigma of bankruptcy.
An annuity is an investment vehicle that allows you to save money for retirement while deferring taxes on earnings.
If you are not within this time period, you will have to pay the applicable charges, taxes and fees.
Contact the insurance company to determine the surrender charge and the length of the surrender period.
However, if you need the funds immediately, it is possible to liquidate your annuity contract.
You will have to pay taxes and surrender charges to the insurance company providing the annuity.
The reasons for this are numerous: Your heirs may want nothing to do with a takeover or succession plan.
They have been too close to the business for years and know the 24/7/365 routine required to be successful in many small businesses.
Selling a company to an interested buyer is the method most commonly associated with getting out of a business.
But for many small business owners, liquidating assets is often the best or perhaps only feasible method of exiting their businesses, especially retail businesses.
Vendors and employees may need to be paid final balances and utility bills may still arrive.
If you have kept close track of accounts payable, these final balances shouldn't come as surprises, and you'll be able to assess the amounts you owe and develop a plan for paying them.
As a sole proprietor, your business assets belong to you personally and your business debts are yours as well.