I’m Ready To Sell My Business: What Type Of Legal Considerations Do I Need To Make?

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Posted by on May 2, 2019 in Blog, Commercial Law

If it is time to sell your business or a significant portion of it, you must consider a variety of legal consequences– as well as many other factors that could also complicate your liabilities in the eyes of the law. Heritage Law’s guide below will help introduce the aspects of this major decision, but you can contact or visit our experts with any questions you might have.

GENERAL CONSIDERATIONS

According to the Government of Canada, there are several things to consider when selling all or part of your business. Including, but not limited to:

  • Income and business tax consequences of selling;
  • Potential financial obligations due to capital gains;
  • Settling the worth of your business’s assets and inventory;
  • Complications due to ownership changeover;
  • Closing/canceling all relevant services (such as business number or GST/HST account).

LEGAL CONSIDERATIONS

Heritage Law’s expert staff can assist you when it is time to ensure the sale of your business meets all legal requirements. All necessary contracts, agreements, and other legal documents will be prepared with our professional guarantee– additionally, we can assist with the sale itself by drafting non-disclosure agreements and conveyancing business records for the due diligence of potential buyers. Lawyers can even help enforce consequences on buyers that fail to fulfill their end of the agreement.

Are you selling all or part of your business? Has someone offered to purchase your business? Bring all relevant concerns to the legal professionals at Heritage Law today!

 

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