Transfer of business
What this is about
The transfer of business consists of the transfer of the right to run a business to another economic and/or legal entity. This deed usually takes place following a deed of sale, succession or donation and may also result from lease or usufruct.
A transfer of business refers to any corporate transaction (transfer, demerger, merger, lease, usufruct) involving a change in the ownership of an organized economic activity that maintains its identity during the transfer. The transfer may involve the entire business or part of it, and in this case we speak of the transfer of a business unit.
The role of the notary
Contracts having as their object the transfer of business must be formalised by notarial deed in order for them to be filed with the competent Business Register. The notary’s advice is particularly helpful in verifying the existence of all legal requirements for the validity of the contract, as well as the correct assessment of taxes related to the transaction in question.
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