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NEED HELP TRANSFER OF OWNERSHIP SOLE PROPRIETORSHIP

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lordalberus23


Arresto Menor
Anu po complete process pag ibebenta mo yung sole proprietor business mo,? para dna iclose nung bibili gagamitin nya same info ng business pati resibo same lng, at mga forms na gagamitin at panu transaction sa BIR?

pLEASErespond, i'm new here

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Lunkan


Reclusion Perpetua
I don't know, but - as it is in some other countries - Sole proprietorships CAN'T be transfered, because they are Sole proprietorships Smile (Sole proprietorship = THAT one owner is PERSONAL responsible for the whole company.) So when changing owner, then it need to be a NEW company. (But in some countries sometimes it's abroved to get a SIMILAR name as e g add "succesor" or such after the old name.)

But you can SELL and transfer what your Sole proprietorship company have of ASSETS* (but NOT your debts, such need to be approved by deptor.) Selling assets can be done just as a common selling, if the buyer don't demand e g that you agree to not start similar company within a time limit, because such would risk you take back your sold customers without paying your buyer for them. (Such is common when selling businesses.)

*Such as e g equipment, store, knowledge as contacts, customers list...

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taxconsultantdavao


Reclusion Perpetua


ask the officer of the day ng bir or ang information officer ng BIR. mas ma sasabihan ka nila anong gawin mo bro/ sis.

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