Legal Question in Business Law in Pennsylvania

My husband is the sole proprietor of our small business. When he retires soon, can we gift or transfer the business name, etc., to our son, who is currently an employee?

Asked on 11/21/12, 3:27 am

1 Answer from Attorneys

Yes. Unless the business is a professional office where you use your name in the title, you can transfer the business name to your son. You can also transfer some or all of the rest of the business as well. The transfer can be by gift, sale or even part gift/part sale. The transfer must be documented, and if you transfer the business by gift, you may have to file a gift tax return. There are a lot of factors to consider, so I strongly recommend that you speak with an attorney. Feel free to contact me at 215-367-5110 if you wish.

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Answered on 11/21/12, 6:16 am

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