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I live in New York State and own a sole proprietorship business

Customer Question
that I want to transfer...
I live in New York State and own a sole proprietorship business that I want to transfer to my daughter. What would I need to do so that the name of the business can remain the same?
Submitted: 5 years ago.Category: Tax
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Answered in 5 hours by:
6/3/2012
Tax Professional: tax-doctor, Tax Preparer replied 5 years ago
tax-doctor
tax-doctor, Tax Preparer
Category: Tax
Satisfied Customers: 637
Experience: Federal, State and local income tax preparation
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Hello, my name is Michael and I'm the Tax-Doc. I have over 35 yrs of income tax preparation experience to offer YOU.

I'll be happy to assist you will this question, but would need to know a few things before posting my answer(s).

 

are you a LLC or corp? does the business have a EIN number or do you operate and file tax returns using your SSN?

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Customer reply replied 5 years ago
I am a sole proprietor and operate and file tax returns using my SSN
Tax Professional: tax-doctor, Tax Preparer replied 5 years ago

okay, understood, thanks for the info...

 

So, since you file your business income tax returns on forms 1040 schedule C and NYS IT201 your daughter may simply pickup where you left off using the same business name and her SSN, since no official changes are required under these conditions.

 

If you have any further questions relating to this question please ask them otherwise please click accept and provide positive feedback if satified, thank you!

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Customer reply replied 5 years ago
I am a DBA and the DBA papers show my name. She cannot use that to open an account how can she carry on the business?
Tax Professional: tax-doctor, Tax Preparer replied 5 years ago
Okay, thanks for this additional info.

You were not required to officially register your DBA, but since you did, you'd contact the gov't agency in which you filed the DBA to switchover to your daughters name and SSN record. For example NYC if you live with NYC borders, etc...if you'd like me to reach details for you please provide yours and you daughters city of residency and I'll be happy to do so, otherwise please click accept and provide positive feedback if satisfied with my answers.
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