UK Taking over a business

[Karen 64]

My husband has retired and I have taken over his business. Can I do this without closing the existing business down.

 

[kirby]

This is a forum for accounting questions. Please post your question in a legal firum. Sorry.

 

[Truemanbrown]

This question should have probably gone in the Technical Queries section.

The answer is yes, you can take over the business without closing it down. There are other questions that need to be answered but I would like to know more information concerning the business.

 

[Werner Reisacher]

Agree in principle with Truemanbrown. One major point you should consider when deciding whether to take of the legal entity or buying the assets /goodwill only without touching the legal entity are "potential liabilities" that might have accumulated against your husbands company. One of the major reasons to operate under a corporate umbrella is to benefit from the financial liability protection of a legal entity.

 

[Drmdcpa]

My husband has retired and I have taken over his business. Can I do this without closing the existing business down.

Yes. But there are many unknowns. In particular, but not limited to, what form of organization and tax structure is it, are you in a community property state or are there other things that impact title to the business and/or its assets, does the business require any special licensing that you do not have and can not obtain?

Also you have to ask, if you can, should you.

There are legal aspects of this question particularly pertaining to, but not limited to, liability and legislative compliance.

There are also tax, operational and financial planning aspects of the question. But again there are many unknowns including what is your exit strategy?

If you decide you should, it would be helpful to have a relationship with a CPA, an estate planning attorney, and possibly a financial advisor.

If you have had a family business, you should already have a relationship with a CPA. Entering and nearing retirement often also requires attorneys and financial advisors.