potential windfall (selling business)

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Hillview
Posts: 453
Joined: Fri Feb 02, 2018 6:27 am

potential windfall (selling business)

Post by Hillview »

a company that spouse started may be purchased for $5-$10m -- this is a couple of years out and this year we will get more insight into the chance this would happen. We currently live in CA. The business is located in MA. If it begins to look likely this will happen, and if we decided it would be worth it to move to avoid state taxes, does anyone have any sources or experience with this?
simas
Posts: 1133
Joined: Wed Apr 04, 2007 5:50 pm

Re: potential windfall (selling business)

Post by simas »

Hillview wrote: Tue Jan 24, 2023 10:08 am a company that spouse started may be purchased for $5-$10m -- this is a couple of years out and this year we will get more insight into the chance this would happen. We currently live in CA. The business is located in MA. If it begins to look likely this will happen, and if we decided it would be worth it to move to avoid state taxes, does anyone have any sources or experience with this?
Is there a good business accountant that you know/trust that you can pay for consultation?
if not, any references you can ask about?

you do NOT want to be getting 'advice' from anonymous people on the board and be stuck with result. Hire a good, well recommended, professional. Listen to said professional advice and make decisions based on information you know. There are _many_ things you can do before the transaction happen, much fewer after transaction already happened. Seek qualified advice of professional for tax purposes and good attorneys that specialize in such transactions.
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