Congratulations! You have just completed the sale of your business and you are ready to retire! But wait, there may still be a few items to clean up before you can wipe it from your mind and focus on Mai Tais on a beach!
These items may include such things as:
- Attending to filing of any required tax filings and remittance of any taxes owing on the sale of the business assets.
- Monitoring holdback and accounting deadlines in accordance with the Purchase Agreement and otherwise.
- Working with the purchaser to notify suppliers, customers, employees, etc. of the change of ownership as necessary.
- If the Vendor was a Corporation and changed its address as a result of the closing, updating the Corporation’s financial institutions and creditors of the Corporation’s current registered address.
- Attending to other matters as your accountant and/or legal counsel may advise.
This is not an exhaustive list, and each situation is different. Your more specific obligations should be fully discussed with an experienced corporate/business lawyer.
More information? We’re here to help – [email protected]. This WARDS LAWYERS PC publication is for general information only. It is not legal advice, nor is it intended to be. Specific or more information may be necessary before advice could be provided for your particular circumstances.
