Legal Question in Business Law in New Jersey

Re: transfer of ownership

This transaction requires legal counsel to help draft a contract that includes "buy/sell" provisions that lay out a process for the fair valuation and distribution of assets should any of the owners decease or otherwise leave the business, and a general operating agreement governing the management of the business.

We do strategic planning and asset protection engagements for small businesses and would be pleased to go over your situation. Please contact our offices.

This response to an anonymous inquiry is not legal advice and should not be construed as forming an attorney client relationship.

Re: transfer of ownership

The chances are very good that he is not willing to give you half of a business just because he likes you. You need to get a lawyer to look at it, and tell you what if any problems you will be taking on because you will own half of this business.

Are the taxes all paid? What is the rent that the business must pay each month? Are there any other problems?

Please call my office if you would like my assistance. I can speak to you on the telephone, but it will take more than just a brief telephone call to assist you with these issues.

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