Legal Question in Business Law in New Jersey

Re: transfering a buisness partnership into persons name

No one else is sending an answer to you. Probably because you sound like you do not know any of the things that affect this transfer of a business.

You do not just need the right form. No, you don't. You have no idea what you are doing, and you are likely going to cause yourself huge problems.

Gift tax: if you give a gift worth more than a certain dollar amount, then you and your partner owe a gift tax to the federal government and maybe State too.

Liability: if your son makes a mistake (or owes money) and you do this wrong, then YOU and YOUR PARTNER may owe that money or be liable for that mistake and have to pay for it.

Landlord: you may still owe the landlord. or mortgage.

more issues...there is more.

Get a lawyer. Please. At least get some advice from a lawyer before you act. I hate to see people get hurt and not even know that they are headed to trouble.

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