Legal Question in Business Law in New Jersey

Generally, one does not 'signs over' a business rather one 'sells' it, even if the buyer is your brother. The two of you would need to enter into a buy-sell agreement. There are also tax consequences for any business sale, so it is important to consult an attorney and an accountant.

As far as changing the business name, one would need to amend the articles of organization or the articles of incorporation and file a petition with the New Jersey Department of Banking and Insurance. One can operate under a secondary name known as a DBA (doing business as) which also requires a filing.

If you have any additional questions feel free to contact my office at your earliest convenience.

Roman R. Fichman, Esq.

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In NJ, the document which must be amended to change an LLC name is called a "Certificate of Formation." As noted by the other reply, one does not "sign over" an LLC. You would need to assign or sell your membership interest to your brother. In addition to tax issues, there may be securities law and regulation issues too. Please feel free to contact me ASAP so that we may explore your options. 973-921-0600.

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