Across
- 3. Filed in a court of law to notify everyone that you plan to end the business
- 5. This combines two companies into one new company
- 6. This is a legally binding contract controlling when an owner can sell interest in a partnership, who can buy it, and what price will be paid for owner's interest
- 8. The sale of all business assets, including inventory, equipment, and buildings. The business ceases to exist
- 10. A contract providing the lessee the temporary rights to the business, use expertise and advice of owner to run the business
- 11. An outright purchase of one business by another business
- 13. The new owner finances purchase with a long-term payment plan, making payments to the owner, while seller transitions out of the business. It's a flexible option benefiting both buyer and seller
Down
- 1. The owner sells the company to its employees
- 2. This details who will run the company if the owner leaves, retires, or dies; describes how ownership will transfer
- 4. This is a plan for extracting cash from business, brand, or product line
- 7. A trust fund set up to contribute new shares of stock or cash to purchase existing shares of the company on behalf of the employees. Employees must own at least 50 percent of the company
- 9. Requires employees be given a 60 day written notice if the company is closing
- 12. The business sold in full; ownership transfers immediately; seller receives payment for assets