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    7 Replies Latest reply on Nov 5, 2008 2:17 PM by alicia32

    Can I sell our Corporation?

    alicia32 Wayfarer
      I am a new member and this is my first time posting a question.

      I posted this question on home based business forum and it went unanswered. Please help me.

      I don't know if I should sell our corp or just dissolve it. My husband incorporated in 2002. It is a home based photography and videography business that was supposed to expand from just the two of us. We were chugging along slowly, but surely. Last year we made a decent amount of money and I thought we were on our way.

      This year my videographer (husband) quit and the business kind of plummeted. My husband thinks we should dissolve it. Unfortunately for me, my name is on all the credit cards as a guarantor. My argument is that we could sell it for the great credit record it holds and pay off any outstanding debt. I'd like to start over without a corp. I just don't have a clue as to how to go about it.

      I don't want to go to a broker if it's not worth it. I don't want to claim bankruptcy. Can anyone help? Is this possible?
        • Re: Can I sell our Corporation?
          LUCKIEST Guide
          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 ""

          Do you have an Accountant and or a Lawyer

          1 of 1 people found this helpful
          • Re: Can I sell our Corporation?
            intechspecial Ranger
            Alicia -

            It might help to add some information about you and your company in your profile.

            Welcome to the community.

            InTech Special
            • Re: Can I sell our Corporation?
              Lighthouse24 Ranger

              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.
              1 of 1 people found this helpful
              • Re: Can I sell our Corporation?
                alicia32 Wayfarer
                Thanks everyone for responding. I went ahead and filled out my profile. :)

                I am not very business savvy and that may have been my mistake. I do have an accountant, however, I don't have a lawyer, being that I cannot afford one. I have been thinking of subscribing to

                Lighthouse24, your answer was very thorough and made me realize a few things that I hadn't thought about. We have a debt of about 27,000. We have had accounts that do not have my name as a guarantor, such as, loans and leases. Does this count for anything? Well, I guess I was just dreaming.

                Luckiest, I will be emailing you...
                • Re: Can I sell our Corporation?
                  Vince Adventurer
                  Hi alicia32 and welcome to the SBOC!

                  The General Manager of, Mike Handelsman will be able to address your concerns. Ask him a question now and check back on November 3rd for his response.

                  Event: How to buy and sell your business