Free Legal Advice Philippines

Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Log in

I forgot my password




You are not connected. Please login or register

Business owner dies, what's next?

View previous topic View next topic Go down  Message [Page 1 of 1]

1 Business owner dies, what's next? on Tue Jan 12, 2016 5:07 am

dzeypi


Arresto Menor
Hi Everyone, i'm planning to take over the business of my mom who died last may 2015.

I'm thinking of the following:
*transfer the ownership to me, OR
*transfer the ownership to me and my wife
*change the business name

I'm thinking it might be too tedious to transfer the ownership so would just registering a new name just like starting a new business be easier? suggestions please

View user profile

2 Re: Business owner dies, what's next? on Tue Jan 12, 2016 5:40 am

Lunkan


Reclusion Perpetua
What business type is it?
/If it was a company, you can just go on.
/But I guess it's a business form where your mother was fuilly responcible. If so it has to end,
and you start a business in own name and buy the valuables in your mother's business.

I don't know enough to recomend having your wife as owner too or not,
BUT if your business can fullfil the demands to be approved as BMBE, then I recomend such in almost all situations, because there are interesting benifits. Such are decided by the barangay/municipaly. Check with them.

View user profile

3 Re: Business owner dies, what's next? on Wed Jan 13, 2016 3:01 am

dzeypi


Arresto Menor
thank you for your answers, very helpful! Smile
it's sole proprietorship. I hope I answered your question about the business type.
This month is the deadline of the business permit. Is it advisable that I just renew it for now and just change the name later?
By the way what do you mean by buying the valuables? FYI, the business is just a small resto in our subdivision.
Thanks in advance.

View user profile

4 Re: Business owner dies, what's next? on Wed Jan 13, 2016 8:00 am

Lunkan


Reclusion Perpetua
"it's sole proprietorship"
Then it has to be ended, when the owner dies. (After some months to get time to solve it.)

"This month is the deadline of the business permit. Is it advisable that I just renew it for now and just change the name later?"
Well. It isn't just changing the name, it's a NEW, which buy what the old had.
(A BMBE registration is much faster than others.)

"By the way what do you mean by buying the valuables? FYI, the business is just a small resto in our subdivision."
It isn't worth much, but something anyway. I suppouse it has some Equipment and Customers.

View user profile

5 Re: Business owner dies, what's next? on Tue Mar 01, 2016 5:32 pm

centro


Reclusion Perpetua
Does the business have the following?
Barangay Clearance? DTI Registration? Mayor's Permit? BIR?
All these need updating with the institutions.

View user profile

Sponsored content


View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum