• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Taking over my son's business in Wisconsin

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.


Junior Member
What is the name of your state? Wisconsin

My son started a cabinet company this year. It is doing ok. He has work, but no longer wants to be the owner. He has a LLC number. He wants to just change this business over into my name. We do not want to exchange any money. He will still help run the business. I will have the control over it. I have helped finance some of it, but at the time he has paid all that money back. Can we just change the name on LLC papers. We have been told that you can not just hand a small business over to another person, not even a family member. Please give my advise on this.


An LLC is usually formed with the intent that the same person or people will be the owner(s) from the beginning to the end.
It is not set up to have flexibility with changing ownership.

If an ownership interest in a LLC is transferred or sold, the person buying the interest only has rights to income, not management.

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential