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Can Business Laws in IN Affect Selling My Business to My Child?

selling a businessThe option to sell a business comes with many decisions that have to be made about how it should be sold. One major consideration is the choice to sell it to your child and if there are any regulations that will prohibit you from doing so. Regarding the laws of business and transferring them, a business law firm in Indianapolis should be consulted before proceeding. Indianapolis IN business attorneys will go through each method of transferring your business with you while informing you of any prohibitions. The lawyers at McClure McClure & Davis can assist in the process of selling your business to your child and with helping your family understand all of the responsibilities of the new ownership.

Selling A Business To A Relative
If you wish to sell your business to your child or any other relative, it should still proceed as if you were selling to any other individual. Just as you would expect anyone else to follow proper protocol, the same should apply to your child. This is to ensure that nothing falls through the cracks and that all business affairs are handled. Indianapolis IN business attorneys would suggest that the following points are discussed with your children as you prepare to sell your business to them:

-Business value: Before entering into an agreement, the value of the business should be determined so that the price of it is understood.

-Method of payment. The way in which the company will be paid for should also be discussed. If you are willing to negotiate on what methods of payment you will accept, it should be done prior to officially transferring ownership.

-Documentation. It can go without saying that all parts of this business transaction should be in writing and signed by both parent and child.

 

A business law firm in Indianapolis can answer all of your questions related to selling your business. Call the office of McClure McClure & Davis for more information.

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