Termination or Sale of a Business
Winding down or selling your business involves legal issues. If you are winding down your business, you need to satisfy certain requirements at the state and federal level. You must be current in your filing of tax returns and payment of business and sales taxes and employee withholding taxes. You also must be current in your annual reporting requirements at the state level. Once you have satisfied such requirements, you can then file a certificate of termination with the state. It is important to wind down a business properly; if you do not, you may continue to incur reporting, registration and tax requirements long after you have moved on.
Are you selling your business? Will your sale take the form of a sale of assets or a sale of shares? What is the value of your business? How will you allocate the value of the assets you sell, and what will the tax ramifications be? How will outstanding liabilities be handled? Will you continue to benefit from any outstanding accounts receivable at the time of sale? Will you continue to be obligated for any accounts payable at the time of sale? Will your buyer seek a noncompete agreement? If so, are you willing to accept such restrictions on your future activities? These are just a few of the questions to arise in the sale of your business.
As your attorney, I can assist you in the winding down or sale of a business. Call me to ensure you have covered the legal bases.
Contact Me Today
Call me at 908-336-0268 or send me an e-mail to schedule a meeting with an experienced business law lawyer in Somerville, New Jersey. I look forward to hearing from you. Your initial consultation is an important step in securing and protecting your legal rights.