Legal Question in Business Law in Virginia

Hi, I am cuurently in a business deal with a former friend. My name is on all of legal contracts i.e bank acct, state license, business license, etc. I would like to remove my name. The person I am in business with is the "boss". We created where he stated he would be legally obligated if anything were to happen. How would I start that process?

Asked on 5/10/18, 9:19 am

2 Answers from Attorneys

Frank Natoli Natoli-Legal, LLC

It sounds like you are basically transferring your interest of the business over to your partner. How this is done depends on how the business is structured (Inc, LLC, etc.).

I suggest that you consult with a lawyer in private and discuss your objectives in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section):

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DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

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Answered on 5/10/18, 9:22 am
Jonathon Moseley Jonathon A. Moseley

I agree with Mr. Natoli.

I am not entirely sure what you (the poster) mean, but if the business (it sounds like you set up a complete business, not just a "deal") is completely in your name, as you seem to describe, then it is up to you.

If the business is entirely in your name, then if your partner will not cooperate, you have the power to merely shut it down.

So you can have documents drawn up transferring everything in to your partners' name.

But what if he does not cooperate and take the business in to his name?

Well you can tell him that you are getting out of the deal, so either he accepts the documents transferring the business to him or you will have to close it.

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Answered on 5/10/18, 9:49 am

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