Legal Question in Consumer Law in Ohio

Your question was listed as one for "consumer law". Liquidating a business is a major step. You are right that tax consequences are important. You might want to consult with a CPA or whoever does your taxes to get the scoop from the IRS viewpoint. I don't know all the facts of your case, but a sale of a business as a going concern to a competitor or someone else in a similar line of work might yield more in sale price than a piece by piece auction of used equipment. There is also value in intangibles like customer lists and other assets like customer goodwill. If a CPA can't give you all the answers, you should speak with an attorney who represents small businesses.