Queens, NY asked in Business Law for New York

Q: How do i sign over the other 50% percent of my business to the other owner

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3 Lawyer Answers
Samuil Buschkin
Samuil Buschkin
Answered
  • Ridgewood, NJ
  • Licensed in New York

A: It's a matter of knowing how your business is organized and what it consists of. Is your business an entity or are you a sole proprietor? Are you the sole owner or do others own an interest in your business? Are there other constraints on selling all or part of your business? Do you transfer it over time or subject to certain conditions? (these are just some basic considerations to weigh)

Tim Akpinar agrees with this answer

Toshinori Isoai
Toshinori Isoai
Answered
  • New City, NY
  • Licensed in New York

A: It depends on the nature of your entity, type of business, consideration (money) involved, etc. You should retain a lawyer to discuss the transfer as well as protection of yourself after the transaction. Depending on the scale and nature of the transaction, you will probably need to get your accountant/financial advisor involved in the process.

Tim Akpinar agrees with this answer

Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: Depends on how it is organized now, and what the shareholders agreement, bylaws and other documents say. But, it is generally simple in terms of paperwork.

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