QuickBooks requires businesses to register themselves after installing the application to be able to use it. This data is stored with Intuit so that the same license cannot be used by another user. If you want to Transfer QuickBooks License to New Owner, it is only possible under certain specified conditions. QuickBooks will not allow you to transfer the ownership if you do not fulfill these conditions. The transfer process is not very complex, but it is not a very convenient process as well. Through this article, we will discuss all the related aspects of transferring the QuickBooks license.
If you want to transfer QuickBooks license to new Owner and you are facing any issues, contact us at our (1-855)-856-0042 and talk to our certified and experienced experts.
When Transferring ownership of QuickBooks to new owner is allowed
There are only certain limited conditions specified by Intuit when transferring ownership of QuickBooks to new owner is allowed. These have been summarized below, along with the required processes:
When Business is being sold to a new user
Users are allowed to transfer QuickBooks license to new owner when a business is sold to a new user along with its assets. The new company can use the same QuickBooks license that was being used by the previous company to manage company’s books. The selling party and the buying party need to fill and submit the QuickBooks Transfer of License (TOL) form. Also, sign and attach the Notarized Bill of Sale, along with the form of transfer.
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Donating to a Non-Profit Organization
Users can donate their QuickBooks license to a non-profit organization. If you are willing to perform the process, you should also fill the form 501C of the Internal Revenue System (IRS).
Transferring license due to incorrect registration information
When you install the QuickBooks Desktop application for the first time, You are asked to furnish business details. If, due to any reasons, these details were filled incorrectly, you can request to transfer QuickBooks license to new owner. The new owner means the business entity with the correct details. You will need to provide proof of purchase of the QuickBooks product.
Concluding
Through this article, we explained to you the criteria when you are allowed to Transfer QuickBooks License to New Owner. We also discussed the forms and the processes involved. If you are trying to perform the process and you come across an issue, contact us at our (1-855)-856-0042.
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Also read this blog: Understanding and troubleshooting QuickBooks Error H505
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