ForumsFinancing Tips

Can I sell our Corporation?? Welcome

Yes I can help you. It would be nice to know your first name??, Where you are located??
and how to get in touch with you (by phone or email).

I am a SCORE Counselor and SCORE helps people in business FREE all the time.
You can email me at "pdeig@juno.com"

Do you have an Accountant and or a Lawyer

LUCKIEST

Welcome to the community. Your two basic options are to sell off your corporation's assets and dissolve it, or sell the corporation's stock to a new owner. The first option is the most common for businesses like yours. That's because the second option would require the buyer to assume all the liabilities (known and unknown) for your business entity -- and that's not something a savvy buyer is likely to do with a small, closely-held company like yours. A potential buyer is more likely to want to buy out whatever your business owns that has value and establish his/her own firm (and really, when a buyer has the cash to buy out a company's assets, establishing credit is not usually one of his/her problems).

Also, if you are the guarantor on the corporation's credit cards, then it (as a separate entity) doesn't really have "great credit" that would transfer with the sale anyway, does it? I mean, you'd cancel those cards and other vendor accounts that are linked to you, and the new owner would have to start over in that regard, right?

If your company had some long-term contracts in place that generated steady revenue, or if the corporate identify was valuable in and of itself, that might change things (but doesn't sound like the case here). So I think dissolution may be the only choice you'll really have. That's probably not what you were hoping to hear -- sorry. Best wishes.