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Ohio Mergers & Acquisitions Questions & Answers

2 Answers | Asked in Business Law, Contracts and Mergers & Acquisitions for Ohio on

Q: Transferring ownership of single member LLC from father to son in Ohio, what needs to be done for this to happen?

Family business been around since 1998, became a single member LLC in Ohio in 2013 (though a disregarded entity/sole proprietorship to the federal government). We're looking to transfer ownership from fathers name to sons. Outside of getting account (banking, insurance, etc) setup in new... Read more »

Glenn B. Manishin answered on Feb 1, 2017

The IRS assigns EINs to the legal entity, not individual member(s). As a single-member LLC, a sales agreement transferring your LLC shares (membership units) to your son should be sufficient. You should ensure as due diligence that the company's contracts with vendors, customers, etc., are all in... Read more »

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