Sure, it’s the American dream. Start a business, work hard, become wealthy, and then sell. Yet transferring ownership in a business is complicated and requires thorough knowledge, guidance, and expert legal consultation. Whether you’re a sole proprietor, corporation, LLC, or Franchise, to realize your dream, a detailed plan with all the necessary documents is essential to avoid a failed closing.

Today, there are substantial legal and financial issues that can impact business transfers. Something as basic as your business’s structure can affect transfer of ownership. Because of this, we always advise that you consult with an experienced attorney, as well as an accountant, to ensure the appropriate steps are taken.

Transfers of ownership need to be performed legally and efficiently through a transfer of business ownership agreement. Your type and structure of business will impact how this takes place. It’s critical that all appropriate closing and transfer of ownership documents are drawn up and executed properly. This is not a time for legal document templates. There are tax implications and legal issues that, if not handled properly, could have an impact on the transfer.