SPLITTING UP A BUSINESS CAN BE COMPLEX
LEGAL, BUSINESS AND TAX ADVICE ESSENTIAL
The dividing of business assets when leaving a business partnership, a martial or common-law relationship can be complex and should be carefully thought out and planned.
If you are ending a business partnership with others that don't involve your spouse, you will inevitably need to know what the business assets are, what its liabilities are and the value difference between the two. Getting all your business assets inventoried is one of your first steps.
If you are ending or splitting up a business with your spouse, you will need to know the same calculation, but also what the legal ramifications are, which can vary by province and by how invested your spouse is in the business or wants to be moving forward.
Getting the proper legal, business and tax advice will go a long way in helping you make wise decisions about your business.
Having an inventory of your non-monetary business assets, though, is one area where SafeList can help you sort out an important aspect of your business transition.