Legal Question in Business Law in California

I'm an existing Calif. C Corp. I want to Transfer the corp. and business to a friend and former employee and remain on as an RMO or RME?? There is no dollar amount involved in the transfer / sale, but, I will continue to receive a monthly fee from the new owner for my acting as the licensed contractor. How can we go about this as far as simplicity. The name of the business and Corp. to remain the same. Thank You!!


Asked on 9/29/21, 7:58 am

1 Answer from Attorneys
Frank Natoli Natoli-Legal, LLC

There are numerous ways of approaching this. Of course, one of the biggest concerns is the tax realization for the receiving party assumign there is any FMV on the business.

Before you commit to anything, I suggest that you consult with a lawyer in private and discuss your objectives in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section): http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html

Kind regards,

Frank

www.LanternLegal.com

866-871-8655

[email protected]

DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

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Answered on 9/29/21, 8:03 am


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