Family business been around since 1998, became a single member LLC in Ohio in 2013 (though a disregarded entity/sole proprietorship to the federal government). We're looking to transfer ownership from fathers name to sons. Outside of getting account (banking, insurance, etc) setup in new ownership...along with a possible new EIN/etc. What exactly do we need to do from a business perspective? Everything from top to bottom of the business will be transferred over (physical assets, money, etc). I've read some various sites mentioning different things, but nothing concrete. Any help would be greatly appreciated.
1 Answer from Attorneys
It sounds like you are thinking of all the practical considerations associated with transferring ownership --- i.e., bank account, insurance policy, etc. However, what you'll need to do is take the steps necessary with the proper legal paperwork to transfer the LLC from a single owner to a multi-member LLC. An attorney would examine paperwork related to the company (date from 1998, including 2013, up to present day) to determine whether or not the LLC has kept proper corporate records. If it has not, records would need to be drafted. If it has, then the only documents that would need to be drafted would be documents (and possibly stock certificates) authorizing the transfer from the single member to several members.
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