What kind of attorney to transfer ownership of a business

4 views 3 answers
I own a business with high visibility, that i have owned and ran for approx 40 years. Thinking of selling to a long term employee in 5 years

Attorney Answers

3
Frederick Williams ·
First, I do not know if you selected "corporate and incorporation" as your topic area, or if that was done by someone else for you. If your business is incorporated, the process involves transferring stock in the corporation, if the intent is to pass along the business in its existing form. However, if you are a sole proprietor or partnership or in the form of an LLC, there are different procedures and contracts involved. You really should, as advised by my colleagues, consult a competent and experienced Nevada business lawyer who can walk you through the process, draft contracts that will protect all parties and make it as smooth and trouble-free as possible. This is especially critical if you are carrying financing on the purchase to fund your retirement, or if the purchaser chooses to restructure the business in another way than you currently have it set up. Seek some good help in advance so you do not have to hire an attorney (probably at much greater expense!) later when problems arise.
0 upvotes
Tony May ·
You need a corporate attorney, who has experience in preparing the right contracts and making sure that you are protected from the deal. I would suggest giving a Nevada attorney a call and scheduling a consultation with that attorney. We cannot give good advice until we know what the type of business you are selling, who the party is that will be purchasing the business, and what items you need to protect you from the deal going bad and the employee causing the business to fail without your leadership. If you would like to contact our office, we can schedule an initial consultation with my partner, Micheal Brock, and we can discuss your options and the best way to move forward with starting the negotiation phase of setting up the purchase agreement and/or buy-sell agreement. Our office is 702-388-0404 and we do charge a discounted fee for our initial consultations. I wish you the best of luck with the transition.
0 upvotes
Brandon Robinson ·
This sounds like an exciting project and transition in the life of your business. You need a local corporate lawyer with past experience doing M&A deals. You can search on this site using 's "Find a Lawyer" feature, and search under "Corporate & Incorporation," "Business" and/or "Mergers & Acquisitions." I hope that this undertaking is successful and effective as you make this momentous step in your entrepreneurial career. All the best.
0 upvotes