version might look like the following example, although you will want much more detail.     Example:Sallys bookstore has been limping along, almost breaking even for nearly two years, and Sally cant afford to keep the store open any longer. After preparing a balance sheet, Sally sees that if she can sell her business for at least $16,000 cash, she can pay her creditors and come out clean.     Sallys Book Shop: Balance Sheet     3. Close the Business and Negotiate With Your Creditors     If youre losing money every month and dont think your cash flow will improve soon, you can close your doors and make deals with your suppliers and other creditors. You can often negotiate to pay much less than what you owe. You can offer them a small lump sum payment or you can offer to make monthly payments. Either choice can be a good option if you have the money or income to make payments.     4. Hold a Going Out of Business Sale     This usually involves selling all your merchandise at or below cost. It frequently makes sense for retailers, because inventory of goods for resale is usually the retailers largest asset. There are firms that make a business of liquidating businesses, or you can do it yourself. A liquidation sale can sometimes be a better idea than selling a business. Take Sallys bookshop, for example. If she could sell her assets at cost, she could pay all her creditors and end up with $21,000 in cash. Even if she only got 45¢ on the dollar, she would come out clean. Auctioneers and liquidators have lots of tricks to get the best prices for everything. Its worth investigating if youre thinking about a sale, especially if you have a lot of inventory.     5. Declare Bankruptcy     Federal bankruptcy laws are designed to help debt-burdened individuals and businesses get a fresh start. You declare bankruptcy by filing papers in a bankruptcy court. Your creditors are immediately barred from trying to collect what you owe them. So, at least temporarily, creditors, even the IRS, cannot legally empty your bank account, repossess your property or cut off your utility services. However, with court approval, certain creditors may be entitled to repossess your property or resume their collection efforts.     If you own your business as a sole proprietor, youll need to declare personal bankruptcy. Your personal debts as well as your business debts can be discharged-that is, wiped out-through the bankruptcy process. If your business is a partnership or corporation, the business itself can go bankrupt. You wont need to declare personal bankruptcy, however, unless you have business-related debts for which youre personally responsible.     Depending on your particular circumstances, you may have a number of different bankruptcy options available. Most small business owners opt to either:     lose some of their personal or business assets and cancel their debts or