Change of Ownership and Closing a Business

Advice and tips from Varsinais-Suomen Yrittäjät

Change of ownership and change of generation

Changes of ownership should be initiated at an early stage so that everything can be done systematically and thoroughly. The process may take years, be the continuator from within or outside the family circle.

Change of ownership is one of the biggest events in a business’s life cycle. When done right it gives the business new steam, but if organized poorly it may interrupt the operations of even a healthy business.

Change of ownership is a potential alternative for a person considering starting a business, because more and more entrepreneurs will retire in the future.

Closing a business

Businesses and organisations must notify both the tax administration (the prepayment register and the VAT register) and the Trade Register upheld by the Finnish Patent and Registration Office when they cease operations.

Additionally, businesses and organisations must, among other things, make sure to submit their tax return, periodic tax return, and the annual information return of their last financial year.