Legal Question in Business Law in Massachusetts
what legal documents does my Father need to relinquish his small DBA business to me?
Asked on 9/13/10, 12:58 pm
1 Answer from Attorneys
Your father should prepare a Bill of Sale and transfer the business license to you. You will have to get a new IRS FEIN as his cannot be used by you. The Bill of sale should list the assets you are acquiring and any leases you are assuming. You will need the consent of the Lessor to assume the lease.
You may want to consider forming a one person LLC, you still file as a schedule C on your 1040 tax return, but allows you some limited liability from claims of third parties.
If you need assistance, please feel free to contact me.
Answered on 9/19/10, 11:20 am
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