Selling or closing your business - an overview

Introduction

The decision to sell a limited company or limited liability partnership (LLP) is usually prompted by a combination of factors in three broad areas - market conditions, financial pressures and life changes.

However, sometimes closing down is the only option. It can be forced by a change in regulations, an unforeseen series of events, market forces or a hostile legal action.

Whatever the reason, the decision to close or sell a limited company or LLP can be a difficult one to make. You may have built up a very profitable business and be reluctant to pass it on to anyone. Even if your business is not currently very profitable, you could still find hidden or potential value that will be attractive to potential investors.

This guide will look at the issues you need to consider when selling or closing a limited company or LLP - eg your responsibilities to employees, tax issues and informing Companies House.

Subjects covered in this guide

• Introduction
• Who you need to tell if you're selling your business
• Who you need to tell if you're closing down a business
• Preparing a plan to close down your business
• Employers' responsibilities when closing down a business
• Tax issues when closing your business
• Tax issues when selling your business
• Here's how I handled the sale of my business

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