Browse Archives | Subscribe | Home

LawBiz® TIPS – Week of May 15, 2018

Retiring? Here Are Your Business Obligations

When you retire, you will have certain business obligations to consider as you close down your practice. The following is an overview.

Develop an action plan and a timetable for how to manage the closing of your practice. Inventory all assets and liabilities, including work-in-progress and possible contingent liabilities.

Send bills for all work performed to date. For outstanding accounts receivable, consider realistic collection efforts. Announcing retirement before completing collection of outstanding accounts receivable reduces the likelihood of 100% collection.

Take control of all operating and client trust accounts, business assets, equipment, client directories, and premises used in the practice.

Deal with bank and creditor obligations.

Arrange to have your office space and storage space leases terminated on the necessary date. Review all insurance policies and make claims as needed.

Determine the appropriateness of maintaining a business entity for liability tax-filing purposes. Determine tax-filing requirements for both federal and state tax returns. Complete necessary requirements if your practice is a corporation and dissolution is selected. Complete state requirements regarding public notice of intent to wind down or dissolve a business.

Notify utilities, phone companies, and Internet service providers of the closing of your practice and specify dates when services should be disconnected (or transferred). Notify vendors and suppliers, such as West, LexisNexis, and others, of your intent to terminate the ongoing relationship.

File mail-forwarding instructions with the post office.

Sell, donate, or plan to move personal property such as furniture, office equipment, library materials, etc. For all property to be moved, solicit bids and negotiate pricing and specifics with the moving company. Complete your move from the office and clean up the space. Inspect the old space with the landlord and obtain a formal, written release from the space.



Retiring? Here Are Your Business Obligations

Check out this month's special!

LawBiz® Registry: Buy or Sell Your Practice

Ed Poll on YouTube

Buy or Sell Your Practice 

Twitter Facebook Linked In YouTube
New Life After Law Coaching Program



"Ed educated me on how to implement a plan for the management of my law offices, which I have set up in Santa Monica. With his help, I was able to conceive and put into effect a business plan which promises not only to simplify my business, but to make it more profitable as well. He readily pinpointed my needs and offered sage advice on what I could do to rectify the problems that I have been facing. For this, I am forever grateful and will highly recommend him to anyone who asks."

Santa Monica, CA

"I decided to "go solo" and start my own practice after being a senior associate at a large national law firm. I started in temporary office space with a secretary and one associate attorney. I retained Ed Poll to provide comprehensive consulting and guidance in establishing my permanent office. He knew from day one how to re-shape my thinking from being a day-to-day lawyer into being in charge of a business. Ed knew the right questions to make me answer. Ed has taught me virtually everything I know about formation, planning, and now management of a successful law firm. I would enthusiastically recommend Ed Poll for retention as a consultant in connection with any aspect of law practice management."

Los Angeles, CA


Ed Poll, LawBiz® Management   |   |   |   |


©2018 LawBiz® Management. All rights reserved.

This LawBiz Tips E-Zine is categorized for the following audience(s):

This LawBiz Tips E-Zine is listed under the following categories: