If I have a business in my name but it is my husband’s business, how do I transfer the ownership over to him so he becomes liable?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I have a business in my name but it is my husband’s business, how do I transfer the ownership over to him so he becomes liable?
Asked on January 14, 2014 under Business Law, New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
You can't unless he agrees to accept it: you can't make someone take ownership of anything (even a business that in practical terms is his, but which is in your name) without their consent. If he does agree, you can sell it to him for anything ranging from a premium to just $1; or give/gift it to him outright. Since there are very different tax consequences for the two of you depending on what is done, speak with a tax professional (e.g. a CPA) before doing anything.
If he will not accept the business and you are concerned he is doing things that can cause you liability, you may have other issues and perhaps should speak with a family law or matrimonial attorney.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.