new guy with tough questions...

[supersonic83]

8 years ago, my father needed help acquiring a business. A close relative helped him acquire the business and a year later my father passed away suddenly leaving us in a bind. Fast forward to today, my lease is almost up and I need to be able to acquire the business into my legal name. I am technically ceo and registered as a stock holder of the company. but the loan and lease are register to the corporation in my cousins name.

How can I transition this into my legal name without paying too many penalties? Is there a special process for family members?

Also, in order to sell my business, I am told that it is more attractive if i have already signed a long term lease with the land lord, is there any way that the new owner(person I sell to) can negotiate that. I have a few people who seem to be very eager to buy, I have only a year and a half or less to get my ducks in a row.

[chanson]

Honestly, sounds like you need a lawyer my friend. When it comes to legal matters their is just no room for error.

[chuff1026]

i totally agree with ducris
dont look for that kind of advice on a forum

[Shane Farrell]

I agree with the other 2 responses, get a lawyer for the first part of your question.

As far as the lease goes, be up front with your landlord, tell him you are wanting to sell and what terms would he be willing to offer a qualified buyer. Any buyer will have the offer contingent on satisfactory lease terms anyways but you will get more interest if in the listing you display what the terms would be.

Thanks, Shane