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Can someone tell me how to transfer an Incorporation from NJ to the new owner of another state? Thanks

What is involved in transferring an incorporation to someone who bought the business living in another state? Who do I contact regarding this? Are there fees involved?

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Biz2Credit LLC
New York County, NY

Angie,

You can use the services of our partner at www.bizfilings.com/biz2credit . You will get professional help and 10% discount on all the fees also.

Aug 2, 2010
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The question has to do with how you structure the deal. Realistically, the "new owner" is just buying all the shares of a NJ corporation. An easier solution would be to structure the Purchase and Sale agreement as a sale of assets from your NJ corporation to the buyer's newly formed corporation in their home state (or tax advantageous state).

Transfering the shares transfers not only the assets, but also all of the liabilities of the corporation to the buyer; a very good situation for the seller indeed, but with almost unlimited down side for the buyer. So the buyer needs a lawyer (or at least a legally competant friend who has been down this road.

But there are also tax and other issues to be considered by the seller. The seller also needs competant legal advice. In this case an accountant might be cheaper for the seller, but I still recommend a lawyer to get the best possible terms for your deal. Good Luck!

Aug 1, 2010

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