![]() Your business' worth will usually include several factors like: Because the process of selling or transferring a corporation can be complex, you may want to hire a lawyer and/or accountant to help you. It is up to the new owner to choose how they want to structure the business, register it and decide whether or not to use the same business name.Ĭorporations can be sold or transferred to another owner. It is up to you to settle any outstanding amounts that are owed on your accounts. You must close your business and the new owner must set up their own accounts. ![]() If your business is set up as a sole-proprietorship or partnership, you can sell the assets but you can not sell or transfer the business registration. The decision to sell your business is the first step in a longer process that may include: Succession planning Selling your business ![]() You can also include topics such as training for the new owner(s), timeframes or roles and responsibilities for the people involved in the transfer.ĭeveloping a succession plan before you leave can save you time in the future.įor more information and resources to help you with succession planning, read online: Your plan should outline your goals and vision for a change in business ownership. You can create a succession plan even if you are not selling or leaving the business right away. Having a succession plan will help you manage transferring the ownership of your business to someone else. This guide will give you general information on: The earlier you start, the more likely it is that you will have a smooth transition. Selling, closing or transferring a business to a new owner can take time and planning. An entrepreneur may leave their business for different reasons, such as a major life change, the desire to pursue a new opportunity, family obligations or financial concerns.
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