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Free Legal Advice Philippines » FREE LEGAL ADVICE » BUSINESS AND TRADE » Business Transfer of Ownership

Business Transfer of Ownership

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1Business Transfer of Ownership Empty Business Transfer of Ownership Sun Mar 17, 2013 8:38 pm

spurb


Arresto Menor

Hi. I want to transfer ownership of my business in the Philippines to someone else because I don't want to put in anymore money at wala na din naman ako diyan. It's a sole proprietor and I plan to just transfer it to her kahit walang bayad. I want it immediate so what should I do? Deed of Sale Lang ba to?

2Business Transfer of Ownership Empty Re: Business Transfer of Ownership Mon Mar 18, 2013 3:45 pm

tsi ming choi


Reclusion Perpetua

Since it is only managed by a sole proprietorship, then i would suggest to file/submit a letter of intent for closure of business to the following government agencies:

1. City/Municipal Hall, the one who issued business permit.
2. Business bureau
3. BIR

Usually, yung 3 agencies na yan eh nasa isang lugar lang yan sa city/municipal hall, due to their one-stop shop policy. Para sa ganun, ma relieve ka for any possible future liabilities lalo na sa BIR.

Thereafter, let that someone open his/her new business bearing new name with the same nature as yours.

3Business Transfer of Ownership Empty Re: Business Transfer of Ownership Mon Mar 18, 2013 8:42 pm

spurb


Arresto Menor

What is the business bureau? DTI? Also, na pedeng transfer ko na Lang sa kanya lahat instead of her paying for fees again?

4Business Transfer of Ownership Empty Re: Business Transfer of Ownership Tue Mar 19, 2013 10:00 am

tsi ming choi


Reclusion Perpetua

Business bureau is different from DTI, anyway, the above mentioned opinion is only my idea to clean up your government records, since you intend to cease the operation/management of your business and transfer it to another person, and on my second thought, perhaps a deed of sale would suffice.

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