Short answer, yes, this is possible and your account will become dormant until you next want to use it.
In fact this is the best thing to do if you're going to be away from the game for a while. It means that none of your drivers or staff will age, nor will their contracts expire (contracts are based on number of races). Also the sponsor contacts will freeze meaning you're not going to come back to the game some time in the future to find you've lost all of your staff and you're many millions in debt.