If you have reached the point where it's time to close shop and shut down operations, you'll need to learn the rules about going out of business. It's always better if you take control of the process before your creditors step in and force you to shut down. You'll need to cease operations, pay off as many creditors as you can, and then close your business in an orderly fashion. There are government filings and notices required to do this properly. You'll want to know the rules and follow them closely to ensure you don't end up with any personal liability for your business.