Congratulations! You have just completed the purchase of your new business and you are ready to get started! While you have so many things to take care of, there may be a few items you haven’t thought of yet.
Yours Next Steps – These items may include such things as:
- Attending to filing of any required tax filings and remittance of any HST or other taxes owing on the purchase of the business assets.
- Monitoring holdback and accounting deadlines in accordance with the Purchase Agreement and otherwise.
- Working with the vendor to notify suppliers, customers, employees, etc. of the change of ownership and establish new contact and account information, including, for example, any point of sale terminal contracts, Motor Vehicle Inspection Station arrangements and vehicle transfers, transferring the existing telephone accounts, advertisements website and domain name from the vendor with the applicable service providers.
- Registering a new business name registration.
- 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.
