How to Transfer a Business

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Sometimes it may be necessary to transfer a business from one person, owner, or entity to another, or to allow someone else to handle the operation of a business.

Things You'll Need

  • Proper forms
  • Knowledge of business codes, licensing laws, and ordinances regarding business transfers
  • Legal counsel, if necessary.

TRANSFER OWNERSHIP OR OPERATION OF A BUSINESS

Familiarize yourself with all codes, licensing laws, and ordinances regarding business transfers.

Gather all necessary documents, including personal, financial, business, and any other required information on yourself and/or your business, and the person or entity to whom your business will be transferred.

Both parties will need to complete all paperwork as it applies to the transferor and transferee. If necessary, have all documents reviewed and approved by legal counsel.

Submit all the information to the appropriate authorities; pay any transfer, application, and other fees.

Attend any hearings or meetings that are required in order to request approval. Bring all necessary documentation and paperwork with you.

If it is necessary or required, once approval has been given, post or publish all required public and legal notifications.

Tips & Warnings

  • Know exactly who you are dealing with when arranging to transfer a business. Find out as much as you can about the person, entity, or representative.
  • Do your homework! The more advance preparation you have, the easier the process will be.
  • Don’t complete the transfer if the person or entity to which you will transfer a business is not forthcoming with any and all necessary information.
  • Do not give in to any undue pressure to transfer a business. If you do not want to do it, then don’t do it. If necessary, inform appropriate law enforcement authorities if you feel threatened or coerces.
  • Do not attempt to transfer a business if you are unsure of everything that is involved or required in the process.

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