Business closure refers to the process of shutting down a company or organization, which can occur for various reasons such as financial difficulties, lack of demand, or strategic decisions. This can involve liquidating assets, settling debts, and notifying employees and customers. There are different types of business closures, including voluntary closures, where owners choose to shut down, and involuntary closures, often due to bankruptcy or legal issues. The closure process may also require compliance with local laws and regulations, ensuring that all obligations are met before the business ceases operations.