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Do you plan to sell your business in the future, or spend less time working on the day-to-day operations? Perhaps your business is at a point where it's time to close the doors and wind things up. Planning your exit strategy can ensure things happen the way you want them to and make the transition easier.
Is it time to step out of the management or day-to-day running of your business? Succession planning involves developing a plan to exit your business and pass on the reins to someone else. It can take time to find the right person and ensure they are willing, able and ready to take over. This is an introduction to planning your exit.
Businesses are bought and sold every day, but when is the right time to sell your business? This depends on your business and personal goals and your individual situation. Before you put up the for sale sign you may want to build the value of your business, as this will potentially increase the sale price. This is an introduction to selling your business.
A business closes when either the owners decide to cease trading, or the business becomes insolvent. When you make the decision to close your business or company there are certain steps you need to take, including notifying Inland Revenue, settling debts, filing any returns and completing any paperwork. This is an introduction to closing down and winding up a business.
Your business is insolvent if its unable to pay its debts when they're due, or the businesses liabilities (debts) are greater than the value of its assets. Regular financial reports will tell you if your business is solvent or insolvent. This is an introduction to dealing with business insolvency.
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Generally, if your business' annual turnover is more than $40,000 you must register for GST.