I can’t tell you how many truly awful letters I’ve had to read in my life. As a former administrative assistant, I was responsible for all the unsolicited submissions to a major New York museum. Artists and collectors all over the country (and abroad) wrote to have their work considered for display or acquisition, and to be honest the decision frequently rested more on the quality of their cover letter than on their work _ which, romantic dreams aside, rarely if ever sells itself.
Anything that you'd use in an informal communication is inappropriate for a business letter. This includes slang, text_speak, emojis, and anything off_color or casual. If you're used to communicating mostly with friends, family, or even co_workers you've worked with for a long time, an appropriate closing for a business letter will probably feel pretty stilted at first. Don't worry about it – your colleague or business associate won't feel that way when he or she reads your correspondence. What seems unnatural to you will feel respectful and polite to the recipient.