PROCEDURES TO TRANSFER THE OWNERSHIP OF CRAFT INDUSTRY

General discussion on illustration, art, and the business of same.
charlesmiller
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Joined: Mon Sep 25, 2017 9:28 pm

PROCEDURES TO TRANSFER THE OWNERSHIP OF CRAFT INDUSTRY

Postby charlesmiller » Mon Sep 25, 2017 9:32 pm

Hi friends,

I am Charles Miller from Hamilton in Ontario. I am running a craft industry for the last 20 years. We produce a wide variety of products ranging from unique handmade items to mass-produced collectibles. Now, I am 50 and I strongly believe that this is the apt time to transfer the ownership of my business to my son. So that, I can stay away from the hectic schedules which I followed for past years and find more quality time with my partner Deanna.

Changes are ineluctable, especially in business. What are the key steps that must be followed to transfer the ownership? I think I have to cancel the current sole proprietorship and perform an inventory of my business in order to execute a transfer of ownership. How long does it take to complete the transfer? Please don't hesitate to share your advice and suggestions. Thank you!

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