When a business owner first starts their maritime business, they often have plans to grow the business over time. However, if the business is not as successful as they hoped it would be, an owner may choose to walk away from the business they built and transfer the ownership of the business to someone else.
Transferring your maritime business may require you to:
- Sell the business
- Sell your shares to business partners
- Lease the business with the option to buy in the future
- Gift the business to another party
How can an attorney help me transfer ownership?
Transferring business ownership may seem like a straightforward process, but it can be complicated, depending on the business structure and the number of assets.
When engaging in the transfer of a business, it is important to make sure there is a competent attorney, representing one or both of the parties. Legal representation is essential to making sure each side gives and receives exactly what they have fairly and freely negotiated.
Another important aspect of a transfer transaction is the written legal contract, ensuring that the parties intentions have been fully represented and the sale goes through successfully.
An attorney can be helpful in several ways when transferring ownership of your business. They may help:
- Review and follow the buy-sell guidelines included in your operating agreement/Articles of Organization.
- Determine the value of the business.
- Ensure you are adhering to all state and federal regulations.
- Draft and negotiate contracts.
- Avoid potential disputes.
- Handle breach of contract disputes.
- Perform due diligence.
- Notify others of ownership change.
If you are thinking about transferring the ownership of your maritime business or engaging in other business transactions, you want to make sure that you benefit as much as possible from the transaction. An attorney with experience in handling business matters can walk you through the entire process, draft any necessary paperwork and help negotiate the best possible deal on your behalf.