What's the best way to close down an entity?

Summary:

We have an entity that has ceased doing business and need to close it out mid year.

Content (required):

We have an entity that has ceased doing business and need to close it out mid year. I know we can end date the balancing segment value and end date the legal entity, but will that cause the retained earnings to roll? If not, is there a way to to get retained earnings to roll before the end of the year? This legal entity is the only entity associated with a particular ledger. Will we have to continue to roll the period on the various ledgers (primary, secondary, reporting) associated with this entity forever?