Legal Question in Business Law in New York

This is something that cannot be explained on this site.

You need to do your diligence in examining the books, determining the liabilities and assets, and determining the current corporate structure. The best way to buy a business is to hire a lawyer and CPA to advise you. Many people want to be entrepeneurs, but start off on the wrong foot and fall into a large liability hole.

Also licensed and practicing in New York.

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Actually, this can be explained on this website.

Basically one cannot just "transfer" a business from one person to another. Transferring a business is a taxable event and so, whether you want it or not, this would be considered a sale of the business from your family friend to you.

In addition, there are many issues to consider for you as the buyer of the business. One of them is liabilities the business may have and that you as the would be new owner may be taking upon yourself without realizing it -- this includes taxes the business may owe (including accounting for any taxes that may be due because of the sale), financial or other commitments to customers and suppliers, shareholders or investors that need to be accounted for, licenses and permits the business may have, legal issues that may be looming in the background etc.

You should retain an attorney to do due diligence on this business, draft the appropriate sale documents and then make sure the the transfer of ownership is recorded.

I would be happy to chat with you further. Feel free to contact my office at your earliest convenience.

Roman R. Fichman, Esq.

www.TheLegalist.com │ @TheLegalist

email: Info (@) TheLegalist (dot) com

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Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.