I read somewhere that when you close a business, you lose all the inventory. But what about orders that are open but not fulfilled yet? Do they get canceled? Does the retailer owner still have to pay for the order, while the manufacturer gets to keep their cars?
Inventory owned by the business, Accounts Payable, and Accounts Receivable will all be transferred as part of the business to the new owner. Cash, loans, and other obligations stay with your holding company and will not be transferred. To put your business up for sale, enter an Asking Price. Buyers may offer you more or less than the Asking Price. You can decide if you will accept or reject offers that come in."
Thank you I appreciate your time answering, unfortunately it’s not my question. I’m asking what happens when closing the business, not selling it. And what happens specifically with open orders that have NOT been shipped or paid yet (basically an Offer to Buy has been accepted, that’s it)
Sorry about the incorrect answer. If there are open orders that have not been paid or shipped, they just remain in both parties “Orders & Shipping” section. The order can be cancelled once the chosen expiry time has lapsed.