At some point you may need to transfer part or all of your ownership of a business to your children or bring in a new business partner.
You can meet the specific needs and objectives of family members and or a new business partner by issuing different classes of shares. This allows you to determine what level of influence they will have over the operation of the business.
The main advice many small businesses require relates to the tax implications of the transaction-based events associated with selling or closing their businesses. This advice may involve separating business and property assets to facilitate the transfer of trading businesses.
What to do...
- See the Australian Taxation Office (ATO) ending a business essentials page.
- Contact your accountant or solicitor for advice on how to transfer ownership.