Question

You have a neighbor, Mr. Peterson, who comes to you for advice. He owns a fish and chips restaurant, "The Codfather, LLC" which he started and has built up for 25 years in the neighborhood. Mr Peterson is ready to retire and wants to transfer ownership of his business to his 40 year old son. What is the best advice to give Mr. Peterson

Answer 1

The first advice I would give Mr. Peterson would be to formalize the transfer. So the first step in this situation would be to contact a good lawyer to see if the transfer of business to your child would be authorized. This is because the transfer of LLCs has rules that may differ from one location to another.

Answer 2

Answer:

call up your attourny to see if transferring is possible because rules vary by  state...

Explanation:

It said I had the correct answer lol