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    4 Replies Latest reply on Jun 26, 2008 11:32 AM by Lighthouse24

    Transfer of Business Ownership

    raulruiz1968 Newbie
      Hi I am a the owner of a janitorial business about 7 months new. I put the business into my wifes name because of old tax issues. I now would like to take full ownership in my name but am not clear on doing so. I also have business bank accounts in my wifes name, I am a BofA customer as well.
        • Re: Transfer of Business Ownership
          Lighthouse24 Ranger
          What business structure are you using (e.g., sole proprietorship, LLC, corporation), and in what state is the business registered? If you can provide that info, I'm sure you'll get a definitive answer soon.

          Welcome to the community.
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            • Re: Transfer of Business Ownership
              raulruiz1968 Newbie
              it is Sole proprietor and in the state of CA.
                • Re: Transfer of Business Ownership
                  Lighthouse24 Ranger

                  I know that "consult an attorney" isn't very helpful, but federal laws that impact the answer to your question have changed in the past year (and California laws on this can be tricky anyway) -- so there are many "it depends" issues that could affect what you need to do and how you'd need to do it (for instance, whether the business has an EIN and whose SSN is tied to it, whose SSN is tied to other aspects of business - hers or both, your tax filing status - single or joint, whether you filed forms to be/not be treated as a partnership, etc.).

                  Since the long-term consequences of doing this wrong could be significant, I'd hate to assume something and mislead you. So as much as I'd like to suggest a simple (and free) solution, I can't. Anyone else here have an answer?

                  Good luck to you.
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              • Re: Transfer of Business Ownership
                LUCKIEST Guide
                Transfer of Business Ownership, Welcome and tell us more.

                *You are the owner of a janitorial business about 7 months new**. Do you have an Accountant,*
                A lawyer. Everybody in business should be able to reach out for professional advice.
                Your Lawyer, Your Accountant should know you and your background (like why you put
                the business into my wife's name). Is your wife active and part if the business??
                Same questions as to bank accounts.

                Have you developed a Business and Marketing Plan??
                Do you know about SCORE?? SCORE is FREE.

                Good luck, LUCKIEST
                1 of 1 people found this helpful