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Thank you again,like I had mentioned owns a corporation and…

Thank you again,like I had...
Thank you again,like I had mentioned owns a corporation and DBA under the business he sold to me, if we agree on him transferring the name and licenses until I am 21, can I work on my business meanwhile with out a problem?
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Answered in 5 minutes by:
11/19/2017
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 126,862
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

IF he owns a corporation it is best for you to buy the corporation as it is now, not form a new LLC and leave everything with the corporation. I would work out some agreement with him to retain the license in your purchase agreement and to pay him a fee you agree upon and that upon the date you turn 21 the transfer to you would take place. He can agree to do that and you can provide some agreed upon compensation to him and he would transfer the majority of the shares of ownership to you in the corporation.

If you leave it as a corporation, this is better because then you can be an actual employee of the corporation and take salary in addition to profit percentages monthly or quarterly as you may choose.

He would simply be remaining on as business advisor for a few months until you turn 21 and then he would complete the license transfer.

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Customer reply replied 9 months ago
I am buying the company name and licenses not the corporation, he has a coronation and has a few businesses under that he DBAs. would I make a contract saying that he will continue to have have the business and licenses under his corporation until a specified date so I can do business mean while?
Customer reply replied 9 months ago
I am buying the company name and licenses not the corporation, he has a corporation* and has a few businesses under that he DBAs. would I make a contract saying that he will continue to have have the business and licenses under his corporation until a specified date so I can do business mean while

Thank you for your reply.

Understood, so he can sell you the business and you can have your own corporation or LLC and his corporation can retain the license and the contract can state the corporation will lease you the rights under the license and that upon that specific date the license will transfer to your company or LLC. However, AGAIN remember you personally cannot purchase alcohol under that license, the corporation can and you can sell it.

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Let me make clear, what you are doing for just a few months instead of waiting until you are 21 is very convoluted and complex and it is making life very complicated for you and it may be best to simply contract with him to work for his corporation until you turn 21 and the contract would say that at that time he would transfer the business and license to you and then you are not trying to circumvent the laws and risk being barred from ever getting another ABC license if caught.

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Customer reply replied 9 months ago
Ok so in the contract I state that I will work under him until I turn 21 even though I will be running the whole thing?
Customer reply replied 9 months ago
Do we need a contact or can it be verbal?
Customer reply replied 9 months ago
In the contract we made it only states the sale and everything that is included in the sale and when the sale was done

Thank you for your reply.

Yes, the contract can say that you are working under his company for however many months at which time it would be turned over to you. It needs to be in writing to protect you.

You are new to business, remember this one thing if you forget everything else, ANY DEAL YOU ENTER INTO, regardless of what it is, HAVE A WRITTEN CONTRACT. The written contract is what protects you and allows you to enforce deals you make.

The contract can state everything you get and also the date when the sale would be completed (which is your 21st birthday or whenever you decide).

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Business Law
Satisfied Customers: 126,862
Experience: All corporate law, including non-profits and charitable fraternal organizations.
Verified
Law Educator, Esq. and 87 other Business Law Specialists are ready to help you
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Customer reply replied 8 months ago
Hi, good morning, remember how you told me to do the contract that describes how I will work under the former owner until I turn 21? Does their have to be any consideration for it to be valid

Thank you for your reply.

Yes a contract needs some consideration to be valid, which would be that you are purchasing the company from them at a price and they agree to hold the license for several months. You can even say in there that it will hold the license for several months for you "to learn the business," which may not be true, but it sounds better than saying until you turn 21.

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