A business transfer agreement is essential if you are incorporating and transferring your business from your personal ownership to that of a company.
The business, its assets and its liabilities will not transfer without an agreement to do so.
The business transfer agreement should provide clarity and certainty on:
- what assets are being transferred;
- what the consideration will be; and
- how it will be paid.
There are often tax advantages to incorporating your business but you should seek advice from your tax advisers on whether the advantages outweigh any cost.