Closing Your Business

Closing a business, especially one you’ve invested time and effort into, like a moving company, can be a tough decision. Here’s a general guide on how to close your moving company in New Jersey:

  1. Notify Employees: Inform your employees about the closure as soon as possible. Provide details on their last day of work and any severance packages or benefits they might be entitled to.
  2. Notify Customers: Contact your existing customers and inform them about the closure. Please provide them with alternative options for their moving needs and try to assist them in transitioning smoothly to another licensed moving company.
  3. Cancel Contracts and Services: You should cancel any ongoing contracts or services you have with suppliers, vendors, or service providers and settle any outstanding payments or obligations.
  4. Notify Government Agencies: Inform relevant government agencies about the closure of your business. This may include the New Jersey Department of Labor, the Department of Revenue, and any other agencies you are registered with for tax or licensing purposes.
  5. Settle Financial Obligations: Take care of any outstanding debts, loans, or financial obligations your business may have. This includes paying off creditors, vendors, and any outstanding taxes.
  6. Dispose of Assets: Determine what to do with your business’s assets. This might include selling equipment, vehicles, or other assets to recoup some of your investment. Before you sell your vehicles, ensure that any reference to your company, such as logo, company name, contact information, etc., is properly removed.
  7. File Necessary Paperwork: File the necessary paperwork to dissolve your business with the state of New Jersey officially. This typically involves submitting a formal closure notice and/or articles of dissolution. To avoid potential fines and fees, visit the Business.NJ.Gov website to learn the proper procedure.
  8. Close Bank Accounts and Cancel Licenses: Close any business bank accounts and cancel any licenses or permits associated with your business. You must also notify the NJ Division of Consumer Affairs by completing this form: https://www.njconsumeraffairs.gov/pmw/Applications/Public-Movers-and-Warehousemen-License-Change-or-Termination-of-Business-Organization.pdf.
  9. Notify Insurance Providers: Inform your insurance providers about your business’s closure and cancel any active insurance policies.
  10. Document Everything: Keep thorough records of all the steps you take during the closure process for your records and any potential future inquiries.

Closing a business can be emotionally and financially challenging, but properly winding down operations can help minimize the impact on yourself, your employees, and your customers. If you need more clarification about specific steps or legal requirements, consider consulting with a business attorney or financial advisor for guidance tailored to your situation.

Please be advised that if you advertise or operate without a valid license, you can be charged with violating the Public Movers Act, have your trucks impounded and fined, and possibly go to jail. If you continue advertising without a valid license or insurance, you can be charged with various criminal violations, including consumer fraud, with significant fines.

 

 

 

 

 

Find a Mover

Find the right mover for you by searching our database of qualified NJ movers.