Transfer of Ownership

Minimum Fees and Payments

• Government Fee (Paid by current owner): 5% of the original cost of the business

• Sell Price (Paid by new owner): Minimum 75% of the original cost of the business

• Business Bank Account (Amt left in the business account): 100% of the original account credit issued by the government (The current owner is to not keep more then $30,000 from the business account - if there is more then original account credit issued by the governemnt and the $30,000 maximum able to be removed by the owner then it will be seized by the government and placed in the city fund for city wide events)

Example (Business Bank Account):

If the current amount in the Burgershot business bank account is $150,000 and the original credit issued by the governement is $25,000 then the current owner (original owner) would remove $30,000 to keep for themselves then the government would remove $95,000 and place it into the city fund for city wide events. This would mean the new owner would have a starting balance of $25,000.

New Potential Owner

If you are interested in taking over an existing business, you will need to do the following:

1. Contact the current business owner who will need to proceed with a "Transfer of Ownership Request" via a Business Ticket in the Discord.

2. Once the request has been approved you are required to pay all fees agreed upon to the original owner and to the government.

3. Any questions or requests can be answered through a Business Ticket in the Discord.

4. Changes to the current business will not be allowed until the times required have been met. (See "New Business Information)

Current Owner

If you are interested in transferring ownership of your current business, you will need to do the following:

1. Open a "Transfer of Ownership Request" via a Business Ticket in the Discord.

2. Follow the below format in the opened Business Ticket:

   1. Character Name

   2. Business Type

   3. Business Name

   4. Potential New Owners Character Name

   5. Potential New Owners Discord

   6. How long have you owned the business?

   7. Reason for transfer of ownership.

   8. Who will be paying the government owner transfer fee?

   9. Purchase price you paid

   10. Sell price (how much are you selling your business to the potential new owner?)

   11. Agreed amount that is to be left in the business account for the potential new owner.

3. Once the transfer of ownership is approved you will have 24 hours to remove any money that is not the agreed amount that is to be left in the business account for the new owner, obtain payment from the new owner, and pay the government fee required for transfer of the business.

Once 24hrs have passed you are to NOT access any doors that would be normally locked for non-owner and or employees - violation of this will result in admin action as it is considered powergaming. Due to ownership items needing to be transferred and things done on the development side of things you are to RP as having already handing over the keys and passwords changed to the new owner. Failure to abide by this could result in a ban along with being black-listed from ever owning a business within LMRP.