Business Closure
/ˈbɪznɪs ˈkloʊʒər/
Definitions
- (n.) The formal or legal process of permanently ending business operations, often involving liquidation of assets and settlement of liabilities.
The company's business closure was announced following sustained financial losses.
Forms
- business closure
- business closures
Related terms
See also
Commentary
Business closure can involve different procedures depending on jurisdiction and business structure; clarity in legal documents is crucial to specify the process involved.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.