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This statement outlines the process for officially declaring the transfer of ownership of a business to a new owner. It is essential to ensure that this change is documented accurately and with the consent of both the current owner and the new owner. 

Initiation of Ownership Transfer:

The current owner (referred to as "Merchant") and the New Owner must mutually agree to transfer the ownership of the business. Ensure that all financial and legal aspects of the transfer are discussed and agreed upon before proceeding.

Both the Seller and the Buyer must complete the "Merchant Change of Ownership Form" with accurate and complete information.

Signatures of both Current Owner and New Owner, indicating consent and agreement to the transfer. By signing this statement, both the Current Owner and New Owner, hereby declare that the information provided in the "Merchant Change  of Ownership Form" is accurate and complete to the best of their knowledge.

Addendum: Updating Bank Settlement Account

In the event that the New Owner wishes to update the bank settlement account for the business as part of the ownership transfer. This may include account statements, authorization letters, and account details.

By following these steps, the new owner can smoothly transition the bank settlement account to the new account of their choice while maintaining financial stability and compliance with banking and regulatory requirements.

Click here to download the Merchant Change of Ownership Form.