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.
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.