Options for Transferring Ownership of Your Florida Business

Options for Transferring Ownership of Your Florida Business

If you own a Florida business, there will probably come a day when you will want to transfer your ownership rights to another person or entity. You will have several options, all of which should be carefully considered with the help of a qualified Florida business attorney.

The options for transferring ownership of your Florida business include:

Immediate Sale

If you own a business that is not performing to your expectations or you have another need to exit the business quickly, you can consider an immediate sale of your business. This option provides you with a quick exit and immediate payment for your assets.

Gradual Sale

You may choose this option if your goal is to receive a steady income from the business, but no longer want to be involved in the day-to-day management of the company. It may be easier to find a buyer who will buy you out over time rather than pay you a lump sum.

Lease

A lease agreement is a good option if you want to take an extended leave from the business for a set period of time. You can lease the business to another person and will be able to set the terms and conditions, including how much you will be paid, in exchange for turning over the business temporarily.

If you own a family business, the transfer of ownership to the next generation should be done via a business succession plan. There are some complications that can arise in business transfers within families that could lead to adverse tax consequences for all, although these can be avoided by seeking input from an experienced business attorney.

The type of business entity you own may also determine the best exit strategy. For example, if you are a sole proprietor, you have full rights to transfer or sell the business. If you own a regulated entity such as an LLC, partnership or corporation, there are different rules to follow when transferring ownership and you should consult your attorney for advice.

Business owners seeking to protect their business interests should seek a qualified, competent advisor for assistance. Contact one of the experienced Florida business attorneys at Jurado & Farshchian, P.L., at (305) 921-0440, or email us at info@jflawfirm.com. We offer free consultations to business owners seeking to find the right attorney to meet their business’ legal needs.

 Share

The post Options for Transferring Ownership of Your Florida Business appeared first on Jurado & Farshchian, P.L. Business Lawyer, Real Estate Lawyer, Immigration Lawyer.