How to Transfer a Business

by Contributing Writer; Updated September 26, 2017

Sometimes it may be necessary to transfer a business from one person, owner, or entity to another, or to allow someone else to handle the operation of a business.

TRANSFER OWNERSHIP OR OPERATION OF A BUSINESS

Familiarize yourself with all codes, licensing laws, and ordinances regarding business transfers.

Gather all necessary documents, including personal, financial, business, and any other required information on yourself and/or your business, and the person or entity to whom your business will be transferred.

Both parties will need to complete all paperwork as it applies to the transferor and transferee. If necessary, have all documents reviewed and approved by legal counsel.

Submit all the information to the appropriate authorities; pay any transfer, application, and other fees.

Attend any hearings or meetings that are required in order to request approval. Bring all necessary documentation and paperwork with you.

If it is necessary or required, once approval has been given, post or publish all required public and legal notifications.

Tips

  • Know exactly who you are dealing with when arranging to transfer a business. Find out as much as you can about the person, entity, or representative. Do your homework! The more advance preparation you have, the easier the process will be.

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