There will be times when a business will need to be transfer to a new owner. If the business is not registered yet, then you first need to have it registered so that it can be transferred legally. However, if it is already registered, then you can directly follow the right steps in transferring a registered business. When is a business needs to be transferred? Below are the possible situations why a business must be transferred into a new owner:
– First is when your business is bought by another person. This is the most common situation though especially if the new owner is not a relative like just a friend or just an ordinary buyer for you.
– Another reason is when the business is passed to one of the member of the family like a sort of inheritance for example.
– If a new person will become part owner of your business.
– If one of the owners of your business is not part of the business anymore and he is replaced by other person. A business should also be renamed if one of the partners will leave and only the others are continuing it. And even if only one person will be continuing to run the business, it should still be renamed.
So, if your situation is the same in one of the situations mentioned above, then you should have your business transferred to a new owner. There is a proper procedure that you can follow through the official website of the government which is the ASIC. However, if you own an Australian business, then aside from ASIC, you can also do the transfer of business via TradingAs. However, since this is a privately owned site, the pay will be on top of the fee that you should have paid to ASIC.
Doing your business through TradingAs is a lot easier and simpler compared when you will do it with ASIC. In fact, if you will check the comparison made in the official website of TradingAs, you will surely see that in a lot of ways, it is quicker to change business ownership in there. The terms used are simpler and besides, if you still find them hard to understand, you have a helpline to call that is free of charge though you can only avail of this helpline during office hours like from 9am to 5am.
Most of the time, you only need click the answer through drop downs though there are also rare times when you really need to type in the answers like if you need to provide your personal details such as names and so on. Altogether, it will just last in a matter of minutes though of course this will depend on your own pace.
Complying with the law is quite important especially that consumers nowadays will already check beforehand if the businesses they are dealing with are legit. If not, trust that you will not even be included in their list of prospects.