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Hello, I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for. Is the owner buying assets or is it a stock transaction? Do you have a sales agreement? Are you personally guaranteeing any of the company's debts?
The owner is buying assets. We have a sales agreement and No, I'm not personally guaranteeing any of the company's debts.
You should include as part of the contract of sale an agreement on your running the company. The way ownership of the assets is transferred is by a bill of sale for transferring personal property. If their are vehicles you would transfer title to the vehicles. With respect to intellectual property, you would do an assignment of the license to software on an exclusive basis. Real property you have to transfer by deed. The transfer should take place at the time set forth in the agreement. Once the assets are transferred you are no longer responsible for losses or profits as those belong to the new owner. You are just an employee. If there are licenses such as sales tax licenses or business licenses, the appropriate authorities have to be notified and new licenses issued in the name of the new company which should have its own tax ID number. If the new owner wants you to operate the business, that should be reflected in the employment contract I first mentioned. You should open a new bank account in the name of the new business using their tax ID number not your current tax ID number. If I have answered your question please rate my answer excellent as that is how I am compensated. If you have more questions let me know. Finally, if the answer was especially helpful you can provide a bonus. If I can be of further assistance or you have other questions in the future you can ask for me and reach me at this site.
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