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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 36753
Experience:  Run my own successful business/contract law practice.
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My wife wants to give her business to me, her husband, and

Resolved Question:

My wife wants to give her business to me, her husband, and wondered what we needed to do to do the transfer. Live in New York State. The business is a sole proprietor. We both have the same amount of money invested in the business but everything is in her name. She is in nursing school and doesn't have time for the business, and wants to get rid ofthe headaches for her.
Submitted: 2 years ago.
Category: Business Law
Expert:  Dimitry K., Esq. replied 2 years ago.
Thank you for your question.

Was the business ever recorded or licensed from the state, or there was nothing formally registered? The business has no EIN or its' own entity?
Customer: replied 2 years ago.
It is a dba, has an EIN number. It's a retail store with employees. Wondered if there was an easy way to just transfer. Has it's own bank accounts, quarterly to fill out, sales taxes to pay, etc.
Expert:  Dimitry K., Esq. replied 2 years ago.
Thank you for your follow-up.

Actually the process is not terribly complicated. What you will need to do is file Articles of Amendment on the DBA and list you as the owner of the business rather than the wife. Then, in private, have a written contract where the business is transfered from one to an another for the value of $1.00. The Articles of Amendment would have a fee associatied with the application (I believe the fee is $60.00) and once filed and accepted, the business legally would be listed as yours and not your wife's. Please go to the link below to find the form needed, the turnaround is usually 2-4 weeks at the most:

http://www.dos.ny.gov/corps/forms_listing.html

Good luck.
Customer: replied 2 years ago.
Would I need a new EIN, sales tax number etc? Through the state of NY? How about the checking account info. I can already sign anyway, but doesn't the bank need to know?
Expert:  Dimitry K., Esq. replied 2 years ago.
Thank you for your follow-up.

You do not need a new EIN, since by amending the articles, you are now listed as the owner, not your spouse. There is nothing to file for, you technically bought out her DBA and are now the primary. You can inform the banks of the change and provide them with the letter received from New York listing you as the new principal, so that they can modify the accounts to add your name and remove your spouse's, but you do not need to open new accounts.

Good luck.
Customer: replied 2 years ago.
ANy other things I should be aware of, tax wise?
Expert:  Dimitry K., Esq. replied 2 years ago.
My apologies but a tax question is beyond the scope of your original post, which only asked information pertaining to the transfer, not the tax implications. Moreover, I am not a tax expert and beyond general tax information I cannot provide you with specifics. I would suggest that you open up a new question and ask a tax specialist to evaluate your situation.

Thank you and take care.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 36753
Experience: Run my own successful business/contract law practice.
Dimitry K., Esq. and 2 other Business Law Specialists are ready to help you

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