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An Affidavit of Closure of Business is used to inform third parties that a business has closed or ceased its operations. It is usually required when canceling permits or other legal requirements to operate a business but it may also be used as a simple but formal notification.
This document can be used to report the closure of a sole proprietorship, a partnership, a corporation, or a cooperative.
This document includes information that is usually asked for in an Affidavit of Closure of Business (date of closure and reason of closure) but the user should check the requirements for the specific purpose they will use it for to make sure that the all the requirements are complied with.
How to use this document
The user should enter all the information needed to complete the document. Once completed, the owner (if the business is a sole proprietorship) or the authorized representative (if the business is a partnership, corporation, or cooperative) should review the document. If the information in the document is correct, the owner or authorized representative should print the document and bring the same to a notary public. Because this document is an affidavit, should only be signed in front of a notary public after swearing an oath to the truth of the information contained in the affidavit.
Affidavits are governed by the 2004 Rules on Notarial Practice. For closure of Corporations and Partnerships, the SEC Memorandum Circular No. 5, Series of 2022 may apply. Further, the closure of the business must also comply with the legal processes and requirements of the BIR, SSS, DTI, DOLE and other relevant government agencies to avoid continued assessments for taxes and prevent penalties, charges and other financial obligations to said relevant government agencies.
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