Transfer Ownership, Sole Proprietorship

[Wendy32]

What is the name of your state?Hi, everyone. This is my first post here. I appreciate any help you can give me in finding the right resources.

I went into business with another person but the business was not set up properly as a partnership. She set it up as a sole proprietorship in her name (we are in different states). I have requested that we move the business to my name, which will not be a problem since she is no longer involved in it.

My question is -- she lives in NJ & I am in OK. What is involved in moving a business legally across state lines & into another name? I haven't found anything helpful about this online so far, and I'm not sure where to start.

Thanks!

Wendy32

 

[olgethorpe]

My suggestion would be to find a local lawyer to help you set up the business as a formal entity (S Corp, C Corp, LLC, whatever) and have formal papers drawn up to transfer all "interest" in the business to you.

The problem with verbal agreements between friends (or family) is that they're quickly forgotten when real money is involved. Make it legal.