Sell Buy Todo's

rpllib · February 27, 2022

I wonder if anyone would like to throw some ideas at this list. We are 18 months away and it seems like we should get it in gear.

Thank You

1. SELLER Prepare letters to advise vendors and that SELLER no longer responsible for accounts after sale date, 30 days prior
2. SELLER prepare letters to receivable customers, joint letter with BUYER most likely
3. Dissolve Seller corporation or what? As of sale date?
4. SELLER work on list of todo’s under Other Considerations, below
5. BUYER creates new corporation and sets up new vendor accounts
6. BUYER get sales tax license, set up federal id, corporation if desired, what else?? --
7. Seller cancel SMS, BUYER establish shop management system, change names, DBA’s as necessary, so printouts are correct
8. Seller cancel all subscriptions in sellers name and BUYER establish those relationships and create accounts as desired
9. BUYER prepare letters to vendors and receivable customers
10. Wind down receivable customers as much as possible, 90 days prior to sale date
11. Seller contact business insurance and health insurance carriers 90 days in advance to see what is required to cancel insurances.
12. SELLER transfer phone numbers to BUYERS account with phone company.
13. ????? This seems like just the start

Other considerations:
Meet with your board, partners, or members to pass a resolution to formally dissolve the business.
Notify the IRS within 30 days of dissolution, using Form 966.
File articles of dissolution with the state where your business was formed and any other state where it is registered.
Notify contacts for all contracts that are being assigned to or assumed by the buyer.
Notify creditors to explain how bills will be paid, either by you or by the buyer.
Cancel business permits or licenses, assumed business names, and other registrations.
Cancel insurance policies
Pay off bills and collect accounts receivable
Distribute assets remaining in your business after the sale closing, to shareholders, partners or members the business is a corporation or LLC.
Close your employer ID number with the IRS.
Close business bank accounts and credit cards.
Close business line of credit, if any.
Pay final wages to employees, and payroll taxes and fees due to tax authorities.
File necessary tax forms, using the IRS “Closing a Business Checklist”