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We are purchasing a CA corporation. We - two individual

We are purchasing a...

We are purchasing a CA corporation. We - two individual partners with 50% ownership, and are paying 200K for the purchase. We want to retain the corporation as-is, but the current two partners needs to be replaced with the two of us who are buying the company. What are documentations required to make this a successful agreement?

Lawyer's Assistant: Has anything been officially filed? If so, what?

Nothing has been filed. We only signed a letter of intent.

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Customer reply replied 1 month ago
To clarify --1. We need to have full ownership on the company
2. Its existing members needs to be replaced
Answered in 1 day by:
3/18/2018
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Customer reply replied 1 month ago
I need an answer.
Legal Eagle
Legal Eagle, Lawyer
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Thanks for your patience. If you and your partner are looking to purchase the corporation, the only things that you are going to need is a written contractual agreement that stipulates the facts including the parties, price, and what is being exchanged, and when it's being exchanged.

In addition, if the company has an operating agreement, then the operating agreement must be updated to reflect the new owners (you).

If the company is an LLC or a C-corp, then you'll have to file paperwork with the state of California Secretary of State to show that ownership has changed. Since I don't know the exactly legal structure, I couldn't tell you for sure which ones you need, but a quick call or Google search will reveal it to you in a matter of minutes.

What other questions did you have for me today that I can help you out with:-)?

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Customer reply replied 1 month ago
Can you share a sample/template for the purchase agreement?

I don't have any specific templates for that in my resources, unfortunately. However, if you click here, you can purchase a basic contractual agreement where you can include all of those necessary elements.

Did you have any other questions for me today that I could help you with?

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Customer reply replied 1 month ago
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