Assets can be inventory, cash, and fixed assets (Equipment, furniture, buildings)  you can sell the fixed asset and recognize the gain or loss based on the net value on the books.  You can payoff all the outstanding liabilities with cash and renaming cash can be taken as distribution.  The inventory can be return back to supplies if possible; otherwise sell at discount.

There are many things to consider when you are trying to close or sell the business.  The type of entity plays significant role as well.  

Maitri Patel, CPA