QUESTION
What happens when I purchase an existing LLC?
Asked on Jan 02nd, 2013 on Business Law - Kentucky
More details to this question:
I'm looking to purchase an existing LLC. Can business keep going right where it left off or do I have to start all accounts, insurance, taxes, permits, licenses over from scratch? I will have a lawyer and accountant review everything before the purchase but I want an idea of needs to happen before and after the purchase.
1 ANSWER
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The LLC is an independent entity under the law, so the insurance, licenses, accounts should continue. You want to give special attention to the lease which ofter requires the consent of the landlord to a change in ownership. You are very smart to obtain a lawyer to help with the purchase, and should also have a CPA as part of your team.
Answered on Jan 07th, 2013 at 2:24 PM