How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Loren Your Own Question
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 29102
Experience:  30 years experience representing clients .
17897874
Type Your Business Law Question Here...
Loren is online now
A new question is answered every 9 seconds

Can I change the ownership of a business without going

Customer Question

Can I change the ownership of a business without going through forming a new corporation entity? I own a business in NYC which I will handover to someone else. Can I do it without going over forming a new company, bank account, filing for new EIN and NYS sales tax. I want to save extra work for the person who will own the company after me. Can we change info within the existing legal framework?
Thank you.
Submitted: 4 months ago.
Category: Business Law
Expert:  Loren replied 4 months ago.

Yes, you can sell all of the capital stock of the corporation to a buyer and they will then own the corporation. Any asset of the corporation is still owned by the corporation. Only the shareholder has changed.

Expert:  Loren replied 4 months ago.

Did you have further questions? Have I answered your question?

Expert:  Loren replied 4 months ago.

If you have no further questions, and have not yet done so, please remember to leave a favorable rating (5 stars) so that I am credited by JustAnswer for assisting you. A bonus is not required, but is always appreciated.

Related Business Law Questions