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  1. #1
    Join Date
    Feb 2003
    Location
    Virginia
    Posts
    237

    Question Selling/transfer of company. Questions..

    Hello,
    I have a couple legal questions about selling a company.

    1. Can the company just be transferred to the purchasing party? ie: the company is currently an LLC formed in Virginia. Are there special forms that need to be filled out to sell to someone from another state, or does the company need to be disolved and reformed by the purchasing party?

    2. Does the purchasing party need to obtain a new FEIN or is the current one obtained for the company ok to be transferred? If it can just be transferred, are there federal forms that need to be completed?

    I think those are the only questions I have at this point. I know contacting a lawyer would probably be most appropriate, but I figured some of you around here have gone through this before and could offer some insight..

    thanks!
    Protollix - Sean Finkel
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  2. #2
    Join Date
    Feb 2004
    Posts
    166
    Get a lawyer = protect your investment. You don't want to make a mistake. Expect to spend about $1,500-$3,000 for paper work.

  3. #3
    Join Date
    Feb 2003
    Location
    Virginia
    Posts
    237
    ouch. That's the whole reason for selling is personal financial issues.

    So it might just be cheaper to disolve the company and have the other party form it under their name and sell the customers?
    Protollix - Sean Finkel
    Email
    Website
    Shared Hosting :: Cloud Hosting

  4. #4
    Join Date
    Feb 2004
    Posts
    166
    Still need a contract. Purchasing party usually hires a lawyer, you just sign the papers. You can also do 50% / 50% for the paper work.

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