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Does buying a business name mean a transfer of ownership for the business?

Does buying a business name mean a transfer of ownership for the business?

By Nina Kaufman, Esq.

Q.:  What steps do I need to take to purchase a business name from my uncle? The business name belongs to my uncle, and he is going to sell all rights to the name to me. How do we start the process, and where do we go to get the transfer of ownership done legally? Am I actually buying the LLC?   A.:  The best place to start the process of buying an asset of another company (be it the name, customer list, inventory, or any other item) is with an attorney.  You’ll want to be very clear about what you’re buying and what’s involved in the transfer of ownership – is it just the name, or are there obligations (such as debts) that go along with it? Regarding transfer of ownership of the name itself, have you done your due diligence to make sure that there is no “bad will” connected with the name?  Also, does your uncle intend to stay in his own business?  If so, he’ll have to change the name of…

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Nina Kaufman

Flying solo doesn’t have to mean going it alone.

I’m Nina Kaufman.

I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.

With wide-ranging experience as a business attorney, strategist, and media authority, I bring the added power of a business lens to the legal issues my clients are facing.

And because I’ve been a business owner myself, I’ve lived through the soaring highs and devastating lows – like when my first law firm failed. So I understand what’s involved to serve great clients, detect business risks early and build a true legacy.

I can’t get those 12 years back. That’s why I have made it my mission to ensure that business professionals like you can become wise and discerning leaders, build a solid business, and live your best life.