If you are closing your business, you need to communicate to the tax authorities (Federal, State and local) which requires filing a final tax return, pay any liabilities to employees or vendors, pay any taxes outstanding, etc. Additionally, you need to keep the business records for a few years based on the period of limitations if you had property or general records around 5 years but might be more (usually, 3 years from the date you filed your original tax return or 2 years from when you paid the tax).
Link IRS – https://www.irs.gov/businesses/small-businesses-self-employed/closing-a-business
