Legal Question in Business Law in Washington

Transfer of Corporation

I established an S Corporation in Washington state (my state of residence) in 1997 for my consulting business. I am no longer planning to do consulting and wish to transfer ownership to my nephew's partner in New York City, as he is planning to establish a business as an agent to manage my nephew's opera career (and possibly represent other opera singers as well.) How do I go about doing this? Must I hire an attorney to effect this transfer?


Asked on 4/07/02, 8:58 pm

1 Answer from Attorneys
Gregory Boots Anderson Law Group, PLLC

Re: Transfer of Corporation

You can transfer your company via a stock sale. There are a few issues to consider such as where the business will operate? You spoke of New York. If the business is run from NY then the corporation should be filed there as a Foreign Corporation. Many of my clients operate a business in multiple states and depending on their business, we must make multiple filings in each state. Second, you may want to draft a contract assigning liabilities. Third, you will need to update the IRS. If you have any further questions or concerns please feel free to contact me at 800-706-4741.

Clint Coons, Esq.

Managing Partner Business Section

Anderson Law Group, PLLC

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Answered on 4/08/02, 11:28 am


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