These sources collectively discuss the challenges of running and closing a business, particularly focusing on coffee shops and the legal and financial aspects of shutting down. The texts from SimpleClosure and Tax Defense Network provide guidance on alternatives to completely closing a business, such as selling or pursuing insolvency solutions, and offer checklists for the steps involved in the closure process. The IRS source specifically details the federal tax obligations when closing a business, including filing final returns, handling employee matters, and cancelling EINs. The 7shifts and Reddit discussions highlight the financial realities of the coffee shop industry, pointing out the significant impact of overhead costs, location, and competition on profitability, even with good products. Finally, the Tulane and Aaron Hall excerpts explain the franchise business model, outlining the benefits, process, fees, and royalty structures involved, which presents another business approach to consider.
Sources:
Alternatives to Closing Down Your Business Completely - SimpleClosure
Closing a business | Internal Revenue Service
How Much Do Coffee Shops Make? - 7shifts
How do good coffee shops still lose money in the first year even with good products?
Signs It's Time To Close Your Business - Her Agenda
Small Business Closure Checklist - Tax Defense Network
The Franchise Business Model: Everything You Need to Know | tulane
Understanding Franchise Fees and Royalties - Attorney Aaron Hall
What Happens to Business Debts When a Small
