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    2 Replies Latest reply on Mar 26, 2009 12:29 PM by west23

    Business Takeover

    west23 Wayfarer
      We will take over a small decor-sewing shop in a few months from our own boss. The boss is retiring.

      We will be specializing and focusing in custom tailor and alterations only. We have obviously to apply for a new business license. Do we have to accept the "business name and reputation fee" from her list of transferred items? Could we do our own tax based on the TurboTax software? Her lease contract will end by this year end, do we have to sign a new lease contract or to wait until it expires?

      Thank you for your advise.
        • Re: Business Takeover
          LUCKIEST Guide
          Business Takeover, Welcome

          You want us to answer your questions. Go to Members page and share some info with us.

          If I was taking over a business from the boss, I would contact a Lawyer.

          Good luck, LUCKIEST
          1 of 1 people found this helpful
            • Re: Business Takeover
              west23 Wayfarer
              Thank you for your answer, but why I have to speak with a lawyer? The boss has talked to me 1-2 years ago about the retirement, and actually her lease contract will end this December. Because her aged husband recently was going in and out of hospital, so she wants to rest several months earlier.

              If I don't take her shop, could I contact with the landlord and negotiate the new lease, after my boss return the space to him? That means I start a new one on my own; and just buy something needed on her transferred list!

              Thank you