When any business is sold, closed, or moved out of San Francisco, you must deactivate your Business Registration Certificate and submit a final Payroll Tax Statement to the SF Office of the Treasurer and Tax Collector (TTX). In addition, the SF Office of the Assessor-Recorder should be notified. If you have a Fictitious Business Name, you may also want to unregister, also called abandon, it with the SF Office of the County Clerk.
Office of the Treasurer and Tax Collector (TTX)
When you unregister your business with the City, you must inform the Office of the SF Treasurer & Tax Collector (TTX) that you have either closed or sold your business by deactivating your Business Registration Certificate. Click here to learn more and update your business information.
If you pay over a certain amount in payroll expense or earn a certain amount in gross receipts, you must submit a final Payroll Expense and Gross Receipts Tax Filing with payment to TTX.
Office of the Assessor-Recorder
When closing, selling, moving within the San Francisco County or out of the county, you must notify the Office of the SF Assessor-Recorder by filling out the Request for Business Account Closure.
Office of the County Clerk
When closing your business, unregistering, also called abandoning, your FBN is optional. If you choose to do so, you may unregister through the Office of the County Clerk, but first, you must obtain a Temporary Verification of Registration indicating the business closing date from the Office of the Treasurer & Tax Collector. Learn more about abandoning your FBN from the County Clerk.
Be sure to check in with each of the departments with whom you have permits to see if they have specific closure requirements.
If your business has employees or a seller’s permit (meaning you sell taxable goods in California), you must follow the requirements of the CA Employment Development Department (EDD), submit final state payroll taxes, and close out your account with the CA Board of Equalization.
Employment Development Department (EDD)
If you have employees, you must provide them with information about Unemployment Insurance Benefits and pay final state payroll taxes. To submit your payroll taxes, file a Payroll Tax Deposit and Quarterly Contribution Return and Report of Wages along with payment to the CA Employment Development Department (EDD) within ten days of closing your business. Learn more about the closing requirements from the EDD.
Board of Equalization (BOE)
Whenever you sell or close a business that obtained a seller’s permit, you need to close out your account with the CA Board of Equalization (BOE). If your business is a corporation or a limited liability company, you may be asked to pay any unpaid taxes, interest and penalties. The BOE has created a Closing Out Your Seller’s Permit guide and provides additional instructions online to help you navigate this process.
Whenever you close or sell your business, you must report it to the US Internal Revenue Service (IRS) and, if you have employees, you must follow US Department of Labor (DOL) regulations for your business and your staff.
Internal Revenue Service (IRS)
When you close or sell your business, you must file final employment tax returns with the IRS. You also must file returns to report disposing of business property, to report the exchange of like-kind property, and/or to change the form of your business. The IRS Closing a Business guidelines provide all the information you need to close, sell, or declare bankruptcy for your business with the IRS.
Department of Labor (DOL)
If you have employees, be sure to follow US Department of Labor (DOL) regulations. The DOL instructions for downsizing and closing explain the federal rules for laying off employees, and offer services to assist you through a layoff as well as plan for and avoid future layoffs.
Last modified date: Tue, 09/25/2018 - 11:17