Discontinuation of a business & taxes: Beware of abandonment balance sheet! | Thomas Breit

Are you an entrepreneur and want to enjoy your well-earned retirement soon after decades of hard work? But you're not sure whether you can sell your business or give it away. Especially if your business is closely linked to your good name, selling it can be difficult. Is closing down your business (also known as liquidating it) a good alternative? What taxes will you have to pay when you give up your business?
In my day-to-day work as a tax consultant specialising in tax structuring and tax planning, I unfortunately very often see entrepreneurs who, after years of unsuccessfully searching for a successor, are exasperated and seriously consider simply closing the business. The problem is that most companies are not sufficiently informed about the tax consequences of a so-called business closure. In particular, the discontinued balance sheet, which has to be prepared in the course of closing a business, harbours many pitfalls.
The preparation of an abandonment balance sheet can quickly become a tax stumbling block. In this video, you will learn what a discontinuation/dissolution of a business is, what you need to know about discontinuation & taxes (including examples), and how you can avoid pitfalls in the discontinuation balance sheet.
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Exclusion of liability / Disclaimer
Our videos are no substitute for personal advice. Each individual case may be slightly different, so you should seek individual advice from a tax consultant or lawyer if you have specific questions. Changes in case law or the interpretation of regulations can change at any time. The videos reflect our state of knowledge at the time of production. The videos are therefore only intended to provide you with basic information and ideas on the topic.