Things to Consider
When buying or transferring a business, many of the same considerations apply as in starting a new business. With the help of a licensed professional, you should consider:
- Your tax liability
- Which taxes are applicable to your business
- Whether or not the existing business entity designation is still applicable for your business plans in the future. (See Developing a Business Plan)
Things to Process
If you are purchasing or taking ownership of a business you will have to go through the same procedure as a new business.
These steps include: