business ownership

for the legal eagles here, I want to change the ownership of a business. Currently owned by an individual as a sole trader.

I want to remove the sole trader and have it owned by one of my companies. I can't understand the jargon on asic website and info pops up about changing ownership due to selling and risks of selling lol.

Anyone know how to change the ownership - without selling the business?
 
Transfer of title.

What are you actually wanting to transfer? Business name perhaps, good will, assets.

Consider
1. stamp duty
2. CGT
3. Structure of company for
a) asset protection
b) tax flexibility
c) succession
d) minimising guarantees
4. Clawback provisions of bankruptcy.

etc
 
thanks Terry

It would be easier to just register another business name and have a company owning it rather than consider all of those things.

Isn't there an easy way to just change the ownership from individual sole trader to company?
 
thanks Terry

It would be easier to just register another business name and have a company owning it rather than consider all of those things.

Isn't there an easy way to just change the ownership from individual sole trader to company?

Yes, it would be easier to start from the beginning.

Changing ownership means considering all the things listed above and more.
 
yes sir!

after spending a few hours on asic website trying to figure out how to do it and clicking on links that take you to more info and more info and more info but not any links leading to action - I gave up!

just registered a new business name and put the company I wanted as the owner - done us done.
10 mins and $75!

thanks for your help Terry X
 
I think you are equating 'business' name with 'business'. ASIC don't regulate or provide information on transferring a business, just transferring a registered name.
 
Terry is closer to you then me Xenia

I would wager that you would save more in the first year alone then it would cost you for a flight to Sydney and Terry's fees to advise you how to do it properly.
 
Xenia, considering you're already in business and seem to have various property structures, don't you have an existing experienced accountant/business/strategist contact who you can ask for the answers to your question for specific answers?

It would only take a quick phone call and you'd have the right answer immediately, provided your contact is qualified and experienced with such matters. In your position, I don't know how you'd do without one if you don't already have one.
 
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Xenia

I am no expert here, but I did transfer the structure of the ownership from sole trader to partnership and then to a company structure.

I don't know whether I did it properly but I did a few things:

1) Obtained company painter's licence (Fair Trading). Each time the licencee was still my husband.
2) Transferred business name/trading name to the company(originally Fair Trading, now ASIC)
3) Changed the letterhead quoting new ABN/ACN
4) Cancelled sole trader ABN stopped doing business as soletrader.
5) Sold sole trader business assets to the company.

Each time I changed entities I just repeated the above process.

But I guess if you are actually buying business from a third party you would have to consider the things Terry mentioned.
 
Hi guys
It was my tax agent that advised WHAT should be done - there was always clarity on that one. I was just after the "how" it should be done.

Anyway it was sorted

It was easier to just register a new business name.
The companies and trusts etc are already there and in place! Multiple of them and yes professional advice is always sourced to decipher who should own it and receive the income etc....

Thanks for advice! X
 
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