Question: please see the image below. refer to that and please make answers long and well explained. im looking forward for good explanation and better grammar

please see the image below. refer to that and please make answers long and well explained. im looking forward for good explanation and better grammar understanding. THanks!

1- Why Is it important to cancel the business name with the DTI and to settle all tax dues with the BIR? 2. Why Is it important to settle obligations with creditors and suppliers before closing the business

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