It’s a pain to deal with the city council, we have sold the business almost 2 months ago and the transfer of license hasn’t been finalized yet. The new owner has to hire an architect to resubmit the floor plan to the building control department as the new ruling requires that for the purpose of licensing.
Hope it can be done before we leave for IL, so that we can collect the last part of the payment for the sale of the business.
The new buyer of our business had hired an architect to submit the plan of the premises to the city council. It will take about a month to know whether the modified plan is approved. The city council changed the rules on building control every now and then, hopefully it gets approved in time.
The process and transfer of licensing can only be carried out once the building plan is approved. The buyer will only pay us the last part of the payment upon completion of the transfer of licensing. We hope that can be done before the move.
Have been busy running around since Monday, running to and fro a few government agencies to get all the paperwork done. Haven’t have time to sit in front of the computer nor check in the various networks for assignments.
The buyer of the business had paid us a down payment on Monday as we signed the sell and purchase agreement. On Tuesday, we changed the company registration record to add the buyer as new owner. On the same day, we called the architect in so that we could start submitting the plan of the premises and start the name transferring process. On Wednesday, the buyer met the landlord, we did an assignment of the lease then went ahead to send it for stamping.
The name on the license needs to be transfered to the owner before she pays me the remaining purchase price. It usually takes more than a month to get approvals from all the licensing agencies if all the paperworks are in order. We hope the transaction can be closed and settle before the end of April.
