You may have spent years or a lifetime building up your business, creating a company, hiring employees and building a strong customer base. But now, things have changed. Perhaps the business is no longer fulfilling to you, or you want to close your doors for another reason. Maybe it’s time to transfer ownership over to the younger generation of your family business or retire to pursue new opportunities.
Many business owners want to see their businesses outlast them as a legacy. When it’s time to close their doors, they don’t want to lose all of their work forever. A business transfer is one way to ensure your company name continues. In a business transfer, ownership of the company changes hands, but the business stays intact.
Considerations in a Business Transfer in Pennsylvania
If you’re thinking about transferring ownership of your company, it’s important to consult with a business transfer attorney in Berks County or your area. Business transfers are not as straightforward as simply signing a contract. You need to consider many factors, including:
- Whether you want to lease, sell outright, sell gradually or bequeath your business to someone else.
- The type of business you have. Whether your company is a sole proprietorship, partnership, corporation or other entity will affect how transfer happens.
- The value and debts involved in your business.
- Tax Obligations
- The effect of a business transfer on your finances and tax burden.
- What will happen to any trademarks, patents or intellectual property you may have as part of the business.
- What the ownership transfer will and will not include.
- Whether the new owners will be able to make fundamental changes to your business.
If you want to transfer ownership of your company to a son, daughter or another family member, you may need to contend with state or inheritance laws. There may also be additional negotiations required, especially if not everyone in the family agrees with the transfer of ownership. There may be more emotions and non-tangibles involved in family business transfers, making legal advice crucial.
What a Business Transfer Attorney in the Reading, PA Area Can Do For You
If you’re considering making big changes in your business, a business transfer attorney in Reading, PA or your community can guide you through the process, advise you on the best ways to proceed and help you file the correct paperwork. If you have a larger business with many employees, a corporation transfer attorney in Berks County or your community can be invaluable in helping you avoid liability or losses and ensuring all parties involved in the transfer are pleased with the results.
If you need a business or corporation transfer attorney in near Reading or anywhere in Pennsylvania, contact Miller Law Group. Our attorneys have been assisting small businesses, corporations and international organizations transfer ownership, go public and deal with the many details of being a business. As a small business ourselves, we understand the issues that affect you and your company. No matter what industry you are in, if you need a business or corporation transfer attorney in Reading, PA or anywhere in Pennsylvania, contact Miller Law Group for a consultation.