Selling your business is not the same as selling your home, not selling sell it for what it’s worth, instead, you’ll sell it for more than what you paid for; it’s a common misconception that you only get to keep the money from the sale of your business.

You can sell my business uk in all its existing or potential iterations, be it a sole proprietorship, an LLC, a general partnership, a limited partnership, a C corporation, or a limited liability company with a general partner or managers; and there are ways to structure your business, with each having its benefits and drawbacks, and depending on your unique circumstances, one structure may be more advantageous than the others.

Sole proprietorship

The simplest and most common way to structure your business, is because t’s just you and your business; no one to report to, no one to answer to, and no one to manage.

It’s also the most limited in terms of asset protection, if you want to protect your assets from those who want to take your business or assets, you’ll need to set up a separate entity called a limited liability company, or LLC.

S-Corporation

A separate entity that’s owned by shareholders who own the business and employees who work for the business; there’s no owner-employee relationship, the shareholders are liable for the debts and liabilities of the business, but the employees aren’t.

Limited liability company

LLC offers the same asset protection options as an S-corporation. You have limited liability protection for the owners. And, with an LLC, there are a couple of additional advantages.

First, there are tax breaks for the owners of an LLC. An LLC is a pass-through entity, meaning it doesn’t pay taxes on corporate profits. Instead, the profits are passed through to the owners, who then report the profits as personal income on their taxes.

Second, there’s flexibility concerning asset protection. An S-corporation has very limited asset protection options, whereas an LLC offers a few additional options. You can protect your assets with a side-pocket trust. You can also protect your assets with a revocable living trust.

Limited partnership

This is the most complex and cumbersome way to structure your business, a partnership in which the partners don’t share in the profits or losses of the business; Instead, the profits and losses are passed through to the partners, who report them as personal income on their taxes.

The biggest advantage to a limited partnership is flexibility around asset protection, here you can protect your assets with a side-pocket trust and a revocable living trust, but you can also protect your assets with a general partnership, a limited partnership with a general partner, or a limited liability partnership.