What are the laws regulating a quot;Going out of Businessquot; sale? -

What are the laws regulating a Going out of Business sale?We are a small s-corporation furniture store. Our lease will expire April 30, 2010. What are the laws federal and state (Arizona) if any that we should be aware of? We are thinking of a 4 month sale (January through April). Do we need any special license to got out of business? We must pay our lease through April, but what if we run out of merchandise too quickly, is it legal to order more merchandise? Do we need to dissolve our corporation? If you have ever had a going out of business sale, do you have any advice or suggestions for me? All help would be greatly appreciated!

You have already filed the necessary papers for your store...what you do with it ..is up to you...there is no legal requirement for you to tell anyone that you are having a going out of business sale...that seems to be common these days...unless you have partners involved...they must also agree with your decision....but if you have an attorney its best to ask him...but he or she will probably tell you the same thing i have.....the only thing i can think of is when the business is finally closed..make sure the state of Arizona is notified so they can stop sending you tax notices....etc..

You have some pretty specific legal questions. I suggest you consult a business attorney, or write/call your state s Attorney General s office.