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i am buying a corporation from the owner and want it to be a sole proprietorship. how do we do that legally?

The owner of a gardening business is retiring and we are going to share the profits for the next 5 years as the purchase price (50/50, 60/40,70/30 etc.). She has incorporated and has had employees. I want it to be a sole proprietorship with myself as the only employee. How do we structure that legally and what do I need to run the business besides a business license and tax ID number?

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Answers (2)
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The Dean Group
Principal
CT

Amen Don.

FIrst off, I think what you're trying to do is a VERY bad idea. FInd a lawyer and run it by him or her.

Dec 29, 2010
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The BAF Group LLC
MD

Cheri, if you are buying a CORPORATION, you need to be extremely careful. If you are buying the ASSETS OF THE CORPORATION, there are less liabilities. You ABSOLUTELY NEED to clarify this with an Attorney AND a CPA, before you enter into the contract. This is NOT something you can do in a cavalier manner, by using people on the Internet, whose credentials you cannot determine, and who have not seen the financials, or have any kind of understanding of the Company's makeup. DO NOT DO THIS WITHOUT COMPETANT, PROFESSIONAL GUIDANCE!!!

Dec 23, 2010

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