How do you terminate a sole proprietorship?

How to Terminate a Sole Proprietorship Business:

A sole proprietorship is a business entity owned only by a single individual with no other partners. Unlike limited liability companies and corporations, the owner of a sole proprietorship is legally responsible for all decisions regarding the business operation, including the termination of business. Because a sole proprietor’s business is linked to his personal finances, it’s vital to ensure you follow proper business termination procedures to safeguard against the potential for personal legal and financial liability related to the business after closure.

• Inform your employees with prior notice of termination of employment, if you have them, of your intention to terminate your business.
• Settle the salaries with employees.
• Cancel all the work passes with proper prior notice.
• Make CPF contributions in due course until the last working day for local employees.
• Make Skills Development Levy for all employees until the last working day.
• Make Foreign Worker Levy in due course until cancellation of S Pass and Work Permits.
• Cancel the Work Pass accounts with MOM.
• Dispose off any fixed assets such as Motor Vehicle, Office Furniture, etc
• Notify the vendors well in advance about your intention.
• Notify the clients of your intent to terminate your business.
• Apply for GST cancellation, if applicable.
• Submit your final GST Return F8 and settle the outstanding GST payable, if any.
• Close your business bank accounts.
• Cancel your business credit cards, if any.
• Cancel any special licence such as BCA or SCAL registration, etc.
• Cancel your business registration licence with ACRA.
• Remember to prepare the 4-Line Statement for the particular Financial Year periods.
• Remember to include your Trade Income while your personal income tax Form B1 is submitted in the following year by 15-April.
• Settle the assessed income tax for your personal taxation including trade incomes.
• Pay off your Medisave liability for your trade income upon receipt of notification from CPF Board after your income tax assessment by IRAS.
• Remember to keep all the financial records either in digital form or hard copies for 5 years from the relevant Year of Assessment.