Legal Question in Business Law in Arizona
Transfer Company Ownership
I drive for a small trucking company for a number of years and the high fuel prices has the owner losing money and wants to get out. I verbally agreed to putting the company in my name and pay off the debts. I already own the equipment and already know to get the final payment in writing and noterized. Beyond that I'm clueless whal are the legal requirments to transfering company ownership?
1 Answer from Attorneys
Re: Transfer Company Ownership
Check the requirements for state and city business licences, insurance coverage, vendor (e.g. gas, tires, etc), and customer contracts. You should get a purchase contract signed by you and the seller which includes everything that you are purchasing, all business interests including name, number etc. There may also be corporate changes needed if the company was incorporated. Good luck and congratulations.
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