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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10639
Experience:  30 years of corporate, litigation and international law
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Good morning, I recently sold my company (based in Miami,

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Good morning,

I recently sold my company (based in Miami, Florida) to a Brazilian citizen that bought the company in order to get a work visa to the USA. It will take a while until the buyer will get his work visa and in the meantime I continue to operate the company for him.

I have a few questions regarding the sale and the transfer of ownership:

1. How do I transfer the ownership? (sun biz?)
2. Should I do it now?
3. Can I continue to work at the company that I sold?
4. Should I notify the authorities that I sold the company now or should I wait for the next tax return?
5. How to manage the company while the owner is not here?
6. Do I need to open a new bank account for the company?

I would appreciate your help on this

Thank you!

bizlaw :

Hello, I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for. Is the owner buying assets or is it a stock transaction? Do you have a sales agreement? Are you personally guaranteeing any of the company's debts?


The owner is buying assets. We have a sales agreement and No, I'm not personally guaranteeing any of the company's debts.

bizlaw :

You should include as part of the contract of sale an agreement on your running the company. The way ownership of the assets is transferred is by a bill of sale for transferring personal property. If their are vehicles you would transfer title to the vehicles. With respect to intellectual property, you would do an assignment of the license to software on an exclusive basis. Real property you have to transfer by deed. The transfer should take place at the time set forth in the agreement. Once the assets are transferred you are no longer responsible for losses or profits as those belong to the new owner. You are just an employee. If there are licenses such as sales tax licenses or business licenses, the appropriate authorities have to be notified and new licenses issued in the name of the new company which should have its own tax ID number. If the new owner wants you to operate the business, that should be reflected in the employment contract I first mentioned. You should open a new bank account in the name of the new business using their tax ID number not your current tax ID number. If I have answered your question please rate my answer excellent as that is how I am compensated. If you have more questions let me know. Finally, if the answer was especially helpful you can provide a bonus. If I can be of further assistance or you have other questions in the future you can ask for me and reach me at this site.

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