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Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 101939
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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How do I transfer my business to a daughter legally. I am 71

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How do I transfer my business to a daughter legally. I am 71 and no longer want to own my business. I want to transfer my business to her.
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

Can you please tell me whether this business is a corporation or an LLC, or not?

This is not an answer, but an Information Request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.
Customer: replied 3 years ago.


Thank you, L.

The matter consists of TWO steps. The first is to file an update with the Secretary of State as to you stepping down and her becoming the new owner (president, director, etc).

This is done via a a Certificate of Amendment Form 424, which may be downloaded and filled out here.

This will tell the Secretary of State of the change of ownership and control.

The second matter is "selling" the business to her. This can be done on paper (say $10). See here. You would be the seller, she would be the buyer. The purchase price can be something symbolic like $10.00.

The combination of sending in Form 424 and formally "selling" her the business should then put it into her hands.

Good luck.

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