Alex What should I do if my husband sold my business?
To ensure that the business is properly transferred, it is best to seek the assistance of a lawyer when selling your business. If the business is a company, and you are not interested in continuing the business or selling it to a third party, you can consider winding it up.
What happens to your employees when you sell your business?
If you are selling your business, any employees will transfer to the new employer. Therefore, you have a legal duty to inform and consult your employees under the business transfer legislation.
What kind of business do you have with your spouse?
If you decide that both spouses are owners and will participate in running the business, your next decision is what business type you will form. Partnership, with each spouse having a partnership share. Corporation (with the possibility of electing to be an S corporation)., and each spouse as a shareholder.
Can a spouse be a shareholder in a business?
Corporation (with the possibility of electing to be an S corporation)., and each spouse as a shareholder. CPA Gail Rosen says husband-wife businesses make sense from several perspectives: One of the main reasons Gail suggests both spouses have ownership is to file a separate partnership tax return.
How to handle employees when selling your business?
In the end, every company ever sold has lost some employees. Some will go away mad, some will be fired, and some will take it as a personal insult. That’s life. As the business owner, your job is not to try to make every single person happy but rather to acknowledge the efforts that so many have made.
How to tell your clients you are selling your business?
One way to announce the change to new ownership is by sending a letter or an email announcement to your current clients. You will want to time this carefully, as letting them know about the business sale before it is a sure thing can be problematic if the deal happens to fall through.
Can You solicit customers of your former employer?
AND when you leave your job you are not legally permitted to take with you customer lists, or any other valuable information or property of your former employer . . . Your former employer may be saying to himself or herself, or to his or her attorney, “I have heard that Tom is going around and trying to do business with my customers.
Who is the best person to sell your business?
Lee Petsas has been selling businesses with UBI Business Brokers in Southern CA since 1981. In 1999 he became the Owner and Broker for UBI. He has been approved multiple times by Courts as an Expert Witness in the area of Business Valuations.