Article by Erica Opitz on “Surviving COVID-19: Considerations for Selling Select Business Assets”
In an article published on July 6, 2020 in the Daily Report, Atlanta-based Shareholder Erica Opitz discusses various business strategies owners should consider due to the COVID-19 pandemic, including selling assets to increase liquidity and reduce costs. Additionally, Opitz outlines steps to determine if business owners have eligible assets, and the importance of compliance and applicable laws.
“Depending on the type of asset being sold, the tax consequences of the sale could vary so business owners should obtain advice from their tax advisers,” explains Opitz. “Certain assets are vital to remain in compliance with applicable laws. Can the business continue to provide its products and services without the use of such assets in accordance with applicable laws? For instance, some assets may be necessary to legally dispose of hazardous waste and failure to maintain such assets could result in heavy fines or personal liability under environmental laws.”
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