Legal Question in Business Law in New Jersey

There are several ways in which a business can be bought. If the business is an entity such as a corporation or LLC and if the business itself is bought, the name normally comes with it and there is no need for a new tax number. If the assets are purchased, separate arrangements have to be made for the name and a new entity with a new EIN needs to be set up. There is no one-size-fits-all answer. My firm handles matters of this type. If I can be of further help to you, call or email.

See also: http://info.corbettlaw.net/lawguru.htm

You should have an attorney help you. I'd be happy to refer you to one.

First, buying a business can be done in several formats. The two basic classifications are ASSET Purchase or STOCK Purchase. In an asset purchase you buy the name, telephone numbers, and goodwill of the business but not the enity (such as an LLC or corporation) itself. In a stock purchase, you actually acquire the entity by buying stock from the shareholders.

It is hard to tell from your question whether you are just trying to acquire the name or you are seeking to buy the business. In any case you need a good tax and business attorney to structure the transaction.

Don't sign anything until your lawyer reviews it.

I hope this helps!

Ron Cappuccio

856 665-2121

www.BusinessEsq.com