How to get out of business

To leave the business, you also need to be able to and be guided by not only personal ambitions, but also the interests of the former co-owners of the enterprise. How to make this step correctly and with the least losses?

Instruction manual

1

Evaluate the ability of your partners or third-party investors to redeem your share of the business. The reasons for delays in the repurchase of shares may be not only financial in nature. It is possible that your business is not very attractive, or co-owners simply will not be able to manage your share for some reason.

2

Check your organization’s charter (usually an LLC). If the charter contains a provision on the voluntary exit of any participant from the business, then you can freely begin the exit procedure. If it is not stipulated in the charter, your proposal should be unanimously approved by all other partners. If the share of the company's property is in marital property, get the written consent of the wife (husband) to withdraw from the founders of the LLC. Assure him of a notary public.

3

Submit an application addressed to the head of the LLC on the withdrawal from the founders of the company. If the question of your withdrawal will be put to a vote, then you will have to wait for a decision within 30 days from the date of application.

4

Get a copy of the minutes of the meeting of the founders of the company with a positive decision on your application.

5

Estimate the size of your share in accordance with the charter of the company (face value) based on financial documentation and the balance sheet (actual value), as well as on the basis of the opinion of an independent appraiser (market value). Such a comprehensive approach to calculating your share in the company's property will help you get the most complete and objective information and make the right decision about the real price of the transaction. However, it should be noted that the share price is regulated by the tax authorities and can be revised by them in terms of assessing the assets of the organization. Conclude an agreement to sell a share of the property.

6

Check the submission to the tax office of the application for the necessary changes to the Unified State Register of Legal Entities, which will confirm the transfer of your share to the ownership of another person. After re-registration, the changes will take effect.