Nobody likes to think about it, but it's inevitable that one day you will leave your business. Whether you decide to sell up, retire or have to get out of business due to health reasons, it's important that you plan for that day.

Selling your business is one of the most important decisions you'll have to make. Deciding how much your business is worth is one of the main issues you'll need to consider.

When closing a small business you need to address a number of issues.

If you can't pay your business debts, and haven't been able to reach an agreement with your creditors, then you may decide to go bankrupt.

If you're going to end your business, you may decide to wind up the company, or simply deregister it.

If a business name is no longer required you'll need to complete and lodge the appropriate forms with your relevant state governments.

At some point you may need to transfer part or all of your ownership of a business to your children or bring in a new business partner.

You must tell the Tax Office if you have ceased trading or your business has been sold. You must also cancel your various registrations.

When a member of your staff leaves your employment, you'll generally have to make some sort of final payment to them.