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    0 Replies Latest reply on Oct 8, 2010 5:12 PM by amspcs

    Transfer of bank account

    amspcs Ranger
      Well, I'm neither a lawyer nor an accountant, but here's MY take on your question. For purposes of security not to mention legality in certain jurisdictions, I would think it would be far easier to just close your bank account
      and let the new ownership open a new bank account. The circumstances of your business sale with also determine how to handle the bank issue. If the bank account belonged to a corporate entity and the buyer was technically
      buying the corporate assets, then I guess you could transfer the bank account--although I STILL like the idea of closing one and having the new owner open a new account. If, on the other hand, the bank account is yours personally,
      then I would guess you'll have no choice but to close it and have the new owners open a new account as the account is probably not transferrable. Bottom line: Yours is a question best answered by a professional such as an attorney or accountant.