Closure (business)
Closure is the term used to refer to the actions necessary when it is no longer necessary or possible for a business or other organization to continue to operate. Closure may be the result of a bankruptcy, where the organization lacks sufficient funds to continue operations, as a result of the proprietor of the business dying, as a result of a business being purchased by another organization (or a competitor) and shut down as superfluous, or because it is the non-surviving entity in a corporate merger. A closure may occur because the purpose for which the organization was created is no longer necessary. While a closure is typically of a business or a non-profit organization, any entity which is created by human beings can be subject to a closure, from a single church to a whole religion, up to and including an entire country if, for some reason, it ceases to exist. Closures are of two types, voluntary or involuntary.