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Loren, Attorney
Category: Business Law
Satisfied Customers: 34501
Experience:  30 years experience representing clients .
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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: 1 year ago.
Category: Business Law
Expert:  Loren replied 1 year 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 1 year ago.

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

Expert:  Loren replied 1 year ago.

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