Legal Question in Business Law in California

It depends on a few things, especially what type of company it is. In other words, is it a corporation, LLC, partnership, sole proprietorship? Also, what type of business is it? Are there any licensing requirements? You may want to talk to an attorney and definitely have some kind of written agreement for the transfer.

As a Franchise Attorney I add the following. Transfers to minors are complicated even further by the fact they cannot enter into legally binding contracts. This issue needs careful consideration, not only for the transfer but for all going forward issues. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

It depends, upon other things, on the type of business, the type of property you are transfering, issues relating to liabilities, and what type of rights, if any, are being retained. There are also potential tax implications and asset protection issues that you will want to consider. In short, it more complex of a question than can be answered here. If you would like to discuss your question further, please feel free to call me.

Jon Reich

310.478.2541

IMPORTANT NOTICE: The above response is not intended to, and does not, create an attorney-client, fiduciary or other confidential relationship with the responder. Neither does it constitute the providing of legal advice or services or the giving of a legal opinion by the responder. Such a relationship can only be created, and legal advice and/or legal services provided, pursuant to a written agreement with the responder. Accordingly, no obligations of any kind are assumed with respect to any matter or question presented. It should also be noted that legal issues are often time sensitive and legal rights may be lost or compromised if you do not act in a timely fashion.