Legal Question in Business Law in New York

Business inventory

these are individual business's and i want to close out my business. can i transfer my business inventory to my spouse's business inventory or do i have to sell my inventory to my spouse?

if i have to sell my inventory to my spouse at what price do i have to sell it ? the business's both carry the basic same type of merchandise. and if not would I be able to sell my merchandise on line at a deep discount price to close out my inventory or should i try both? I would like to close out my business by the end of this year at the latest time period any time earlier would be good too.we do quarterly sales tax returns and it would be nice to close it out with the next one which is march,april, may, due in june 2010 also is there any legal forms that have to be filled out to do this?

please advise

Thank You

anthony


Asked on 4/03/10, 4:52 pm

1 Answer from Attorneys
Julie Mason Mason & Marchese, P.C.

The inventory is the property of your business. If you are dissolving the business, it is ordinary course that the property is sold either to satisfy any outstanding business debts and/or pay out the principals. The purchase and sale of inventory is easily documented and could be accomplished in a short time frame by an attorney.

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Answered on 4/09/10, 1:08 pm


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