your post does not make sense from the accounting and legal stand point.
probably its a question of using words that make sense to you but not to others.
you have leased / rented out your business.
Well that is not possible. There is no such concept. You have perhaps rented out your office / shop. You can not rent out your business as such. If someone is running your business for you, then you have a management / commission with him. In that case, you will be actually liable for everything and the payment should be made by or on your behalf.
If on the other hand, the person is running the business in his own name, then you have sold your business to him. You may have received no lumpsum consideration, or you may have a royalty from the business, but the business probably no longer belongs to you. The answer can be given only after seeing the agreement. Probably a calling point is - if you want the business back can he refuse to give it back ? Or if he stops paying you "rent", can he continue to operate the business or can you stop him (note, i am not talking of rent for the premises)
The answer of your question depends on the above.
If you are still owning the business, someone running it, the agreement of who is liable is only restricted between your self. the government and statutory authorities only recognise you as liable. the payment of statutory dues also must be made strictly in your name.
If you no longer own the business then you can close all the registrations, expect any tax registrations in your personal name that apply even otherwise.
quote :
Hi experts,
I have leased/rented it. I do not get profit sharing but a fixed rent. Employees salary will be paid by tenant. No, I have not sold my business, I have let the tenant use, operate & earn.
I do not have plans of taking over the business again. If I have no tenant, I will close it. In addition, the firm will never have more then 5 employees. We used to have 5 employees earlier when the minimum employee count applicability clause was 5.