If you no longer intend to continue with your business and have decided to close it, there are 2 ways in which you can close the business; you may choose to file a Notice of Termination or a Notice of Cessation. Terminating a business and submitting a notice of cessation are not the same, the differences are stated below:
1. When you file the notice of termination online, you must pay a filing fee of $20. However, there is no fee payable for filing the notice of cessation.
2. Termination requires the endorsement (consent) of all the partners, but cessation can be filed by any one partner.
3. The date of termination can be decided by the owners and it must be a date before the date of expiry of the business registration. However, the date of cessation is the date of expiry of the business registration and cannot be changed to another date. If you can wait until the expiry of the business registration and then close the business, we would advise you to submit a notice of cessation. However, if for any reason, you need to close the business immediately, then you will have to submit the notice of termination online and pay the filing fee of $20.