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Closing or Changing a Business
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Closing or Changing a Business Changing a Business Type
Closing or Changing a Business Winding Up a Registered Company and an Unregistered Company
Closing or Changing a Business Regulatory Requirements
   
 
Closing or Changing a Business
Closing or Changing a Business
 
Every aspiring entrepreneur starts a business with dreams of success and growth. But during the whole process of expanding the organisation, it is possible that he/she is unable continue the business in a profitable manner on a sustained basis. So it may become necessary for him/her to change the type/form of the business organisation. This change may be from a public company to a private company or vice versa. The Companies Act, 1956 contains the provisions and procedures for such conversions. It is also possible that the entrepreneur has to wind up or close down his company. Closure of a business unit refers to shutting down of the various functional as well as non-functional areas of the company. The various conditions that may be responsible for closing a company include:-
  • Economic recession in the economy


  • Intense competition;


  • Use of obsolete techniques of production;


  • Poor infrastructural facilities in an organisation;


  • Dissatisfaction among workers and trade workers, conflict between labour and management, lockouts, strikes,etc;


  • Lack of resources/ funds to finance various activities of as organisation.

Even though, changing a business type or winding up a business set up is a negative experience for an entrepreneur, but it releases the resources invested by him/her for more productive and profitable use elsewhere. In other words, it can mean better opportunities and unexplored challenges for him/her. Also, the Government of India has enacted several policies and schemes which not only helps an entrepreneur in easy winding up of a business, but also helps him/her in reinvesting the resources in newer avenues.

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