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ny close out sole prop. and transfer merchandise to family member sole prop. business

This is a discussion on ny close out sole prop. and transfer merchandise to family member sole prop. business within the Business Contracts & Partnerships forum, part of the BUSINESS & FINANCE LAW category; I have a sole prop. business that i would like to close out and transfer the merchandise to my husbands ...

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Old Aug 1st, 2010, 08:32 PM   #1
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Question ny close out sole prop. and transfer merchandise to family member sole prop. business

I have a sole prop. business that i would like to close out and transfer the merchandise to my husbands business. with out cost. the only outstanding debt is a business credit card which i am currently paying off. i have a business license and resale certificate. but i do not know how to do any of this legally.
we both have outstanding cc reg debts that are in collection but have nothing to do with the business for either of us. is this possible to do the main problem is i hurt my hand and it is almost impossible to continue my business. and my workmans comp lawyer said i should close out my business and transfer to husband but he only specializes in workman s comp and ssi. which he is also filing for me.I haven't been able to sell anything all year so there is no income from my business and i only sold merchandise on line on auction sites. so please help any information would be great at this point.
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Old Aug 1st, 2010, 08:58 PM   #2
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Default Re: ny close out sole prop. and transfer merchandise to family member sole prop. busi

I wish to inform you that you may transfer your business merchandise to your husband's business by method of contract. After you and your husband have contracted to this effect then the transfer will take effect. In this regard, after you have transferred your business merchandise then your husband will become owner of all the merchandise. You may transfer without consideration in the form of gift.

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Old Aug 2nd, 2010, 04:21 PM   #3
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Question Re: ny close out sole prop. and transfer merchandise to family member sole prop. busi

hello, thank you for your information, but i am still a little bit confused. exactly how would the contract be worded? and would I have to file this contract with the state when i close out my certificate of authority for sales tax? and what about the business license file that too?
please advise.
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