If you’re unsure whether to close your company or make it dormant, the best option depends on your plans for the future. If you’ve received a permanent job offer, for example, there may be little time available in the foreseeable future to run the business.
Conversely, you might just want to take a break from the pressures of business life. Making your company dormant does offer you choices if you’re currently undecided, but closing it down might also provide the motivation to move on if that’s what you want to do.
So how do you close a company or make it dormant, and what does each mean in practice?