{"appState":{"pageLoadApiCallsStatus":true},"articleState":{"article":{"headers":{"creationTime":"2016-03-26T07:13:28+00:00","modifiedTime":"2021-12-17T22:03:13+00:00","timestamp":"2022-02-24T17:07:18+00:00"},"data":{"breadcrumbs":[{"name":"Academics & The Arts","_links":{"self":"https://dummies-api.dummies.com/v2/categories/33662"},"slug":"academics-the-arts","categoryId":33662},{"name":"Law","_links":{"self":"https://dummies-api.dummies.com/v2/categories/33712"},"slug":"law","categoryId":33712},{"name":"Small Business Law","_links":{"self":"https://dummies-api.dummies.com/v2/categories/33717"},"slug":"small-business-law","categoryId":33717}],"title":"Know the Legal Requirements to Exit Your Small Business","strippedTitle":"know the legal requirements to exit your small business","slug":"know-the-legal-requirements-to-exit-your-small-business","canonicalUrl":"","seo":{"metaDescription":"","noIndex":0,"noFollow":0},"content":"When you're exiting (that is, selling) your small business, you need to know what's required legally. At last — the finishing line is in sight. Like an over-heated decathlete you can't stop extra disciplines being added to your list of events, including:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Raising lots more money for significant growth.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Creating exponential growth through partnerships and joint ventures.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Buying or merging with other firms.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Repeating previous stages of the business with other products (diversifying).</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Preparing the business for expansion or sale.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Selling shares or assets.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Exiting the business.</p>\r\n</li>\r\n</ul>\r\nWhen plotting your path to blazing success, take note of this checklist of legal issues to consider:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Implementing significant \"A\" or \"B\" funding rounds.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Entering joint venture agreements with other partners.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Constructing acquisition or merger agreements with target companies.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Implementing legal steps from previous stages of your business's growth for new diversified products.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Dealing with terms sheets and any buyer's due diligence.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Contracting to sell all or part of the business as shares or assets.</p>\r\n</li>\r\n</ul>","description":"When you're exiting (that is, selling) your small business, you need to know what's required legally. At last — the finishing line is in sight. Like an over-heated decathlete you can't stop extra disciplines being added to your list of events, including:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Raising lots more money for significant growth.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Creating exponential growth through partnerships and joint ventures.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Buying or merging with other firms.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Repeating previous stages of the business with other products (diversifying).</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Preparing the business for expansion or sale.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Selling shares or assets.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Exiting the business.</p>\r\n</li>\r\n</ul>\r\nWhen plotting your path to blazing success, take note of this checklist of legal issues to consider:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Implementing significant \"A\" or \"B\" funding rounds.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Entering joint venture agreements with other partners.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Constructing acquisition or merger agreements with target companies.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Implementing legal steps from previous stages of your business's growth for new diversified products.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Dealing with terms sheets and any buyer's due diligence.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Contracting to sell all or part of the business as shares or assets.</p>\r\n</li>\r\n</ul>","blurb":"","authors":[{"authorId":9011,"name":"Clive Rich","slug":"clive-rich","description":"Clive Rich is a lawyer, mediator, arbitrator, and negotiator for LawBite, an online legal service providing \"simple law for small companies.\" Learn more at lawbite.co.uk. 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Know the Legal Requirements to Exit Your Small Business

By: Clive Rich and

Updated: 12-17-2021

From The Book: Law for Small Business For Dummies - UK, UK Edition

Law for Small Business For Dummies - UK, UK Edition

Explore Book Buy On Amazon

When you're exiting (that is, selling) your small business, you need to know what's required legally. At last — the finishing line is in sight. Like an over-heated decathlete you can't stop extra disciplines being added to your list of events, including:

Raising lots more money for significant growth.
Creating exponential growth through partnerships and joint ventures.
Buying or merging with other firms.
Repeating previous stages of the business with other products (diversifying).
Preparing the business for expansion or sale.
Selling shares or assets.
Exiting the business.

When plotting your path to blazing success, take note of this checklist of legal issues to consider:

Implementing significant "A" or "B" funding rounds.
Entering joint venture agreements with other partners.
Constructing acquisition or merger agreements with target companies.
Implementing legal steps from previous stages of your business's growth for new diversified products.
Dealing with terms sheets and any buyer's due diligence.
Contracting to sell all or part of the business as shares or assets.

About This Article

This article is from the book:

Law for Small Business For Dummies - UK, UK Edition ,

About the book author:

Clive Rich is a lawyer, mediator, arbitrator and negotiator. He is Chairman of LawBite, an online legal service providing 'Simple Law for Small Companies' (www.lawbite.co.uk).

This article can be found in the category:

Small Business Law ,