Congrats you sold your business! After many years of hard work you deserve the rewards that come with selling your business. But do not go into full retirement mode quite yet as there are a few regulatory items to take care of. Below we have provided a few post closing items to be aware of, please keep in mind there are variations depending on your state and whether your sale is a stock or asset. You will want to contact your state and your CPA to ensure compliance.
- State License – most states will require you mail in your license and notify the board of the sale. Call your board and ensure you have met expectations.
- Corporation – eventually (assuming you have no other companies owned by the entity) you will need to close down the corporation. But don’t forget you do need to pay taxes prior to doing so.
- PBMs – if you do not sell to a chain the new owners will notify the PBMs and then your contracts will be shut down. If you sell to a chain and close down you will need to notify most within 10 days.
- NPI and NCPDP – if you sell to a chain you will want to notify right after closing and make an end date. If you sell to an individual or another independent they will notify and do a change of ownership.
- City and State Permits – many city, counties or states require a sales tax use number or an operating permit. You will want to contact them to determine when to shut down as you do not want future tax filings if you are not operating.
