Do I need to change my business entity if I want to sell the business?

Asked almost 2 years ago - Mobile, AL

My wife and I decided to sell my business recently. This is my first time selling a business. Do I need to change my business entity if I want to sell the business?

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Attorney answers (3)

  1. Ray Beckerman

    Pro

    Contributor Level 12

    4

    Lawyers agree

    Answered . You need to consult with a business attorney, explain the facts and provide him or her with the documents, to get an answer to your question.

  2. Phillip Monroe Smith

    Contributor Level 18

    2

    Lawyers agree

    Answered . I agree with attorney Beckerman. You need to consult with a business attorney regarding the sale of your business. You also have not provided enough information. Specifically, are you currently a sole proprietorship, corporation, LLC? Has your business been appraised? Do you have an offer to buy the business currently pending. These are just a few of the questions that need to be answered.

    Good luck!
    Phillip M. Smith Jr.
    Los Angeles Tax & Business Attorney
    www.culvercitytaxandbusinesslaw.com
    www.corporateattorney.com
    Call: 323-292-4116 or 562-505-1004

    THESE COMMENTS ARE NOT LEGAL ADVICE. They are provided for informational purposes only. Actual legal advice can... more
  3. Brian Arnett Lebrecht

    Contributor Level 7

    2

    Lawyers agree

    Answered . The answer is...maybe. There are important tax and liability considerations that might make it advisable to change your business entity. But the factors that go into that decision are too specific for a Q&A board such as this.

    This is not legal advice, and we do not have an attorney-client relationship.

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