Are you looking at selling your business over the next few months or years? If so, then you need to make sure you go through the process safely. It is important to make sure you have everything set up legally prior to the sale. This way, your rights stay intact while your liability to the business no longer is something you have to worry about once the new owner takes over. Here are a few tips to ensure that you are legally ready to sell your business safely.
Make Sure Your Paperwork is All Prepared First
Prior to selling your business, you need to ensure that all your paperwork is ready to go. You want to make sure your employee contracts are safe going into the sale, as well as ensuring that you have something in the sales contract over the intellectual property. If you have someone manage your business, then they need to be included in the contract if they want to remain with the company after the sale.
Should your business have different niches that it operates in and if you are only selling one, you need to ensure that you separate everything that goes with the sale and everything that does not. You need to be able to have everything easily identified and clearly defined in your contracts. Make sure that you spell it out very plainly so there is no confusion later on.
Make sure that you disclose everything in your contracts that you are legally obligated to disclose. This means that your contract could later be called into question or even void if you were to leave out something that should have been disclosed up front. It is always best to ensure you have a legal representative write up your contracts so nothing is overlooked prior to selling the business.
Call Bell & Shaw Law Today to Find Out More
When you are ready to start getting everything together to sell your business, then give our office a call. Here at Bell & Shaw Law, we will help make sure that your papers are in order and the legal phrasing is there to protect you moving forward. Find out what other tips we have by calling our offices today!