What is liquidating assets

Check with your state to see if it has any restrictions.

Once the sale takes place, converting assets to cash is quick.

As a small business owner, you might have a customer list you've developed over time, as well as websites, social media networks, patents or other intellectual property that's valuable.

Before liquidating assets it may be helpful to consult your lawyer and accountant or other tax professional for assistance in planning the liquidation.The type of asset may determine how quickly it can be liquidated.Assets are listed on the balance sheet in order of liquidity.Your list should include a detailed description of each item, photograph, purchase information, condition, warranty certificates and repair records, if applicable.If some items need painting, repair or general cleaning, take care of it at this stage to maximize sale prices.

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