News and Events

Making Hard Decisions About Your Business

Information to Help You Make Hard Decisions About Your Business

We know that COVID-19 has been difficult on many small businesses. The city, DMB and its partners are doing what we can to support small businesses and help them be successful through this pandemic, but empathize with those business owners who may decide to permanently close their doors. We also know this decision is a very difficult one to make as a business owner and is not only a financial but an emotional decision. If you are in a position where you need to decide whether to exit your business, we want to help you to do so with the best possible outcome. 

Michigan Community Resources (MCR) and Miller Canfield  have partnered to provide important information and guidance to small business owners in Detroit who are considering closing their business and want to understand their options.  Below you’ll find videos and materials as part of a Business Closure Toolkit to help answer questions, offer sample template documents and provide information. 

Please note this information is not intended to be legal advice, but rather provide education and information. If you do need legal help Michigan Community Resources offers free resources as part of its Virtual Legal Clinic where Detroit nonprofits, small businesses, and entrepreneurs can receive free legal advice during a 45-minute remote consultation with a volunteer attorney. Click here to contact an MCR legal resource.

*Please note that DMB does not take a position on individual business operations.

This resource is for business owners considering closing as an alternative. DMB, with its many partners, is working to provide Detroit small businesses with additional resources to help them be successful through this pandemic. Please reach out to DMB with suggestions to further support Detroit’s small business community.

Business Closure Toolkit Videos:

Introduction to the Business Closure Toolkit
Coaching and Information
Bankruptcy
Dissolution of Corporation
Dissolution of LLC

Materials and Guides:
Bankruptcy: Chapter 11 Overview
Bankruptcy: Chapter 7 Overview
Bankruptcy: Small Business Reorganization Act (SBRA) Overview
Dissolution: Steps for Dissolving a Michigan Corporation
Dissolution: Steps for Dissolving a Michigan Limited Liability Company (LLC)

Templates: (all for Michigan-based businesses)
Creditor Letter
Knowns Claimants
Knowns Claimants LLC
Possible Claimants
Possible Claimants LLC

Resources:
Business Closure Attorney Contacts
Michigan Community Resources Virtual Legal Clinic

Thank you Michigan Community Resources and Miller Canfield for putting this information together and being a resource to Detroit small businesses.

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