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buying a business

Discussion in 'Business Operations' started by redoak77, Jan 22, 2006.

  1. redoak77

    redoak77 LawnSite Senior Member
    Posts: 291

    My mom is setting up an LLC for me at the bagining of the year and i am going to buy it at the end of April. I was wondering, what kind of paper work do i need to do to officially transfer ownership of the business? I wish i could just wait till i turn 18 but i cant wait till im that far into the season. Thanks for the help.
  2. CutApproved

    CutApproved LawnSite Member
    from NJ
    Posts: 234

    I really don't understand your question. Your mom owns a business that your going to buy???? It does say BUYING A BUSINESS.
  3. redoak77

    redoak77 LawnSite Senior Member
    Posts: 291

    sorry for the confusion, she is setting it up in her name because i am not 18, but when i turn 18, i am going to buy it from her so that it is in my name.
  4. mikefromny

    mikefromny LawnSite Member
    Posts: 224

    why would u buy it from her why wouldnt u just change the ownership names ?
  5. Fantasy Lawns

    Fantasy Lawns LawnSite Bronze Member
    Posts: 1,913

    It's gonna be best to get some real legal advice .... even from a CPA ..... which is the best form of business organization fore you .... you really should wait tell the 18th b-day ....but if your dead set .... start in the right direction with good legal advice

    I am NOT set up as a LLC .... I am an S-corp .... purely from reasons of my original partner whom I bought out few years ago ... his wife was n still is my CPA ..... she set it up .... best I can say is when my partner sold me his share of stock .... ownership transfer was Easy .... with almost all aspects ..... bank accounts, loans, credit cards, assets, local,state & fed paperwork ....

    LLC has limited transferability .... which can vary from state to state ....best to have a Buy-Sell Agreement written into the bi laws

    Good Luck

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