The BizBuySell Small Business Community

  • Get Expert Advice

  •  • Find Local Service Professionals

  •  • Share Your Experiences

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?

No User Photo

Answer This Question

max 5000 characters

Web Reference (optional)

e.g., ""

Review Community Guidelines

Help keep our Community clean and on topic. The BizBuySell Community is a place where you can discuss your questions, concerns and knowledge with others you can trust. It is not OK to use this forum to solicit others for personal or financial gain, or to rant about personal issues. It's all in the guidelines.

Submit Your Answer
Answers (3)
No User Photo

We are financial consultants to a group of investors whom we have their consent to manage their funds which is in our custody for cooperation in joint venture business investments.

Our areas of interest include Property Development and real estate, Health Care, Education and training, Mining and exploration, Energy, oil and gas,Technology, Software development, Agriculture, Manufacturing, Finance Services and Leisure.However, all viable proposals within reason will be considered.

Funds shall be made available to you as a direct investment loan at 3% interest rate per annual for a period of 2 or 30 years depending on what you prefer. You may contact us if you have interesting investment proposal for possible business collaboration for our study.

We look forward to your reply to enable us provide you with details or you may visit our website.

Kindly acknowledge receipt of email.

Thank you.

Yours Sincerely
Jesse Peterson
phone: (980) 239-7539

Jun 10, 2017
No User Photo
The Dean Group

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
No User Photo
The BAF Group LLC

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

Start a Discussion