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.
Once you've decided to wind down your business, you need to take care of several important things to limit your liability and properly close your business.
50-State Guide to Converting a Corporation to an LLC
Learn the rules for your state on converting a corporation to an LLC.
Cancel Permits, Licenses, and Fictitious Business Names When You Go Out of Business
No matter what kind of business you have, you likely have licenses and permits you need to cancel.
File Final Tax Returns and Pay Your Taxes When You Go Out of Business
Make sure you take care of your tax obligations when you close up shop or you'll hear from the IRS.