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:

• Apply for a Federal Employer’s Tax Identification Number
• Register your Business Name with the State of PA
• Establish a Pennsylvania State Sales Tax Number
• Apply for a Philadelphia Tax Account Number (BIRT)
• Apply for a Commercial Activity License