Employer’s Responsibilities when Selling a Business
After commercial business sales Yorba Linda, any existing employee will be transferred to the new owner. You as the seller have a legal duty to inform and consult with your employees under the business transfer legislation. If you already have an existing information and consultation agreement with the employees you can use this forum to raise the issue of your business’ sale. Our job when you bring us onboard is to help you consult properly with the employees without risking breach of contract and confidentiality. We will also inform you of your responsibilities before closing.
With more than 20 years selling businesses like yours, our team is able to identify your legal responsibilities to employees. This will depend on the type of agreement you have with your employees as well as the nature of the sale. When getting ready for commercial business sales Yorba Linda we encourage you to consult with us before you move forward. Here are some of the things we may recommend you do.
Selling your business or closing it means you will be making your employees redundant. Based on the number of employees you have and the duration they have been working for you, as the business owner you will need to do the following:
- Make statutory redundancy payments
- Inform the employees individually and if need be talk with their representatives
- Follow fair redundancy procedures
Our team at So-Cal Business Brokers will be able to offer you support and advice during this time. We will help identify your best options and help with implementations.
As you get set for commercial business sales Yorba Linda you have to inform the HR Revenue and Customs. You also need to make sure your end-of-year returns are up to date. You also have to pay outstanding PAYE tax as well as National insurance deductions within the set deadlines.
Last but not least you will need to consult the employees on significant changes to their pension arrangements. That’s when you have 50 or more employees. The case is the same if you offer occupational pension schemes. You have to terminate occupational scheme or end contributions to the personal schemes.
Our job when you hire us is to smooth commercial business sales Yorba Linda. We will ensure you do everything the correct way so that you don’t end up with issues later on. Contact us now to take advantage of our free consultation. We are the most experienced and reliable team you can hire in Orange County to sell your business.