Selling or closing the business
Business owners may at some point come to the conclusion that they want to sell their business. Selling a well-run business? An acquisition offer from a competitor? A business partner selling out? Tired of running a business? Whatever the reason may be to sell or close a business, make sure you fully understand the tax and legal implications of such a move.
There are, of course, different ramifications depending on whether you are selling or closing down a business. Selling a business may simply mean that someone else will continue to run the business and if you make a profit on the sale of the business, you will be liable for capital gains tax or income tax.
However, if you are closing down a business and you have employees, this of course has ramifications for your employees, who may lose their jobs. To find out more about selling or closing a business, follow this link.
For professional and friendly advice for all of your business tax issues, please contact us.
