Are you planning to close your business and need to inform the Bureau of Internal Revenue (BIR)? Writing a letter of intent for business closure to BIR is a necessary step to ensure that you comply with the requirements and avoid penalties. In this article, we will provide examples and tips on how to write a letter of intent for business closure to BIR.
Sample Letter of Intent for Business Closure to BIR Examples
Change of Business Ownership
Dear BIR,
I am writing to inform you that my business, ABC Company, will be undergoing a change of ownership effective immediately. Due to personal reasons, I have decided to sell the business to Mr. John Smith.
As a result, I would like to request the cancellation of my business registration with the BIR. I have attached all the necessary documents for the transfer of ownership and closure of my business.
Thank you for your attention to this matter.
Sincerely,
Jane Doe
Retirement
Dear BIR,
It is with a heavy heart that I write to inform you that I am retiring from my business, XYZ Corporation, effective immediately. After many years of hard work, I have decided to take a step back and enjoy my golden years.
As a result, I would like to request the cancellation of my business registration with the BIR. I have attached all the necessary documents for the closure of my business.
Thank you for your attention to this matter.
Best regards,
John Smith
Business Bankruptcy
Dear BIR,
It is with great sadness that I inform you that my business, LMN Enterprise, has filed for bankruptcy. Despite our best efforts, we were unable to turn the business around and had to make the difficult decision to close our doors.
As a result, I would like to request the cancellation of my business registration with the BIR. I have attached all the necessary documents for the closure of my business.
Thank you for your understanding.
Sincerely,
Chris Lee
Termination of Partnership
Dear BIR,
I am writing to inform you that our business partnership, OPQ Corporation, has been terminated. After careful consideration, we have decided to pursue different paths and dissolve the business.
As a result, I would like to request the cancellation of our business registration with the BIR. We have attached all the necessary documents for the closure of our business.
Thank you for your attention to this matter.
Respectfully,
Anthony Davis
Relocation
Dear BIR,
I am writing to inform you that we will be relocating our business, DEF Enterprises, to a different city. After careful consideration, we have decided that this move is necessary to better serve our customers and expand our business.
As a result, I would like to request the cancellation of our business registration with the BIR. We have attached all the necessary documents for the closure of our business in this location and will be re-registering in our new location.
Thank you for your attention to this matter.
Best regards,
Mary Johnson
Merger with Another Company
Dear BIR,
I am writing to inform you that our business, GHI Corporation, will be merging with ABC Corporation effective immediately. After careful consideration, we have decided that this is the best course of action for both businesses.
As a result, I would like to request the cancellation of our business registration with the BIR. We have attached all the necessary documents for the closure of our business and transfer of assets to ABC Corporation.
Thank you for your attention to this matter.
Sincerely,
David Lee
Tips for Writing a Letter of Intent for Business Closure to BIR
Provide a Clear Explanation
When writing a letter of intent for business closure to BIR, it is important to provide a clear explanation of why you are closing your business. Whether it is due to retirement, bankruptcy, or a change in ownership, make sure to state the reason for closure in a concise manner.
Include Necessary Documents
Make sure to include all the necessary documents for the closure of your business, such as your BIR registration documents, tax returns, and other relevant forms. This will help expedite the process and ensure that you comply with all the necessary requirements.
Be Professional and Polite
When writing a letter of intent for business closure to BIR, it is important to maintain a professional and polite tone. Avoid using negative language or making accusations, and instead focus on providing a clear explanation and requesting the necessary action.
Frequently Asked Questions
What is a letter of intent for business closure to BIR?
A letter of intent for business closure to BIR is a formal letter that informs the Bureau of Internal Revenue of your intention to close your business. This letter serves as a notification to the BIR that you will no longer be operating your business and that you are requesting the cancellation of your business registration.
What should I include in a letter of intent for business closure to BIR?
A letter of intent for business closure to BIR should include a clear explanation of why you are closing your business, all the necessary documents for the closure of your business, and a polite request for the cancellation of your business registration with the BIR.
What happens after I submit a letter of intent for business closure to BIR?
After you submit a letter of intent for business closure to BIR, they will review your request and ensure that you have complied with all the necessary requirements. If everything is in order, they will cancel your business registration and issue the necessary clearances.
What are the consequences of not submitting a letter of intent for business closure to BIR?
If you do not submit a letter of intent for business closure to BIR, you may be subject to penalties and fines for non-compliance. It is important to follow the proper procedures and inform the BIR of your intention to close your business.
Can I submit a letter of intent for business closure to BIR online?
Yes, you can submit a letter of intent for business closure to BIR online through their e-services platform. You will need to register for an account and follow the necessary steps to submit your request.
Is there a deadline for submitting a letter of intent for business closure to BIR?
There is no specific deadline for submitting a letter of intent for business closure to BIR, but it is recommended to do so as soon as possible to avoid penalties and fines for non-compliance.
Conclusion
Writing a letter of intent for business closure to BIR is an important step in the process of closing your business. By following the examples and tips provided in this article, you can ensure that you comply with all the necessary requirements and avoid any penalties or fines. Remember to be professional, clear, and polite in your communication with the BIR, and provide all the necessary documents and information to expedite the process.