Winding up is a business phrase referring to the final steps a business entity takes to cease operations, comply with all financial obligations and distribute the final profits to the remaining owners.
Terminating Business Operations
Terminating business operations, also referred to as winding up, is an organized process of going out of business. It is the primary step in closing a company. This refers to the physical process of setting a final date of operations (sales) giving notice to employees, customers and vendors of the final date.