Basic Tax Considerations When Buying a Business

During the last couple months, I have had a surge of business purchases or sales. I thought this would be a good time to share some basic observations about the tax implications of buying or selling a business. The video below will provide you with some pluses and minuses, from a tax perspective, of buying the assets of a business versus buying its stock.

First of all, taking over a new business may seem like a daunting task. There is so much to learn – about how the business has been operating, about how it could operate better – and you have to learn while you are still running the business.

Thomas Edison had some great advice for new business owners – being busy does not necessarily mean getting things done. The most important thing for a new business owner to learn is how to make decisions in a timely, but still thoughtful manner.

The most important thing about buying or selling a business is to get a trusted advisor who has done this before, and can help you avoid certain pitfalls, and try to make your transition to being a business owner as smooth as possible.

If you need help buying or selling your business, feel free to give me a call for a free consultation. You can reach me at (315) 877-1741 or by email at mattvanrynesq@gmail.com.

Thanks very much and I look forward to hearing from you!

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