Legal Question in Business Law in Pennsylvania

farther/son bizz and dad wants out ?

Dad is looking to retire soon from his marine consulting/crane inspection bizz. I am his only employee in his chapter s corp. He has talked to his attorney about his options of tranfer of ownership. he has 2500 shares. there is no other material linked to the bizz. what are my options for a easy,cheap transfer? do i have to buy him out?


Asked on 1/19/08, 4:03 pm

1 Answer from Attorneys
Roger Traversa Arjont Group (Law Office of Roger Traversa)

Re: farther/son bizz and dad wants out ?

You asked about getting your father's business.

Transferring businesses is an intricate transaction no matter the size of the business. A transfer must consider all the assets and liabilities of the enterprise but must also prepare for those many unknown factors that live with and within any business.

You need to speak with your own attorney to handle this transaction. Your father's attorney should also advise you of this. I would also recommend that you like for a price effective solution rather than the cheapest solution. The cheapest solution is rarely the best or even most appropriate. Choosing the cheapest solution now could prove very costly down the road.

I would be happy to speak with you about this matter. I am very experienced in business transactions.

Regards,

Roger

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Answered on 1/19/08, 7:01 pm


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