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

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? .

Mobile, AL -

Attorney Answers (3)

Ray Beckerman

Ray Beckerman

Business Attorney - Flushing, NY
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.

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Phillip Monroe Smith

Phillip Monroe Smith

Business Attorney - Culver City, CA
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
Brian Arnett Lebrecht

Brian Arnett Lebrecht

Corporate / Incorporation Lawyer - Salt Lake City, UT
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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