>> EXPERT ADVICE: What is the best way to arrange for the transfer of ownership of a business to an acquisition entrepreneur?

In business practice, there are many cases where entrepreneurs, for a wide variety of reasons, cease to carry out their activities (mostly retirement) and want another person to continue their activity (their children, spouse, brother, grandson or any other person). The transfer of a business to an acquisition entrepreneur (family member) is regulated by the Companies Act. An entrepreneur can transfer a business to another natural person. By transfer to an acquisition entrepreneur, both the business and any rights and obligations relating to the business are transferred, which means that the acquisition entrepreneur, as a universal successor in title, enters into all legal relationships relating to the transferred business.

We are also faced with a number of dilemmas regarding the taxation of the business transfer and the possible payment of the profits made in the past. On these issues, it is crucial that the procedures to be followed prior to the transfer take place in a timely and correct manner. Only in this way will the transfer of the business or undertaking benefit all participants in such procedures.

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