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Question about owning a business...
Posted on 12/26/14 at 6:47 pm
Posted on 12/26/14 at 6:47 pm
Couldn't find anything googling so maybe someone here knows... if there is a business & the current owner has it set up for when they become deceased or retire or whatever you will automatically become the owner... Is there a specific name for the person that will become owner during the present time? Future-owner doesn't really sound right, even tho that would be basically what it is... Maybe something like primary owner & something else owner? I dunno... Thanks for any help.
11
Posted on 12/26/14 at 6:48 pm to DakForHe15man
cashier bitch
Posted on 12/26/14 at 6:48 pm to DakForHe15man
Boss-to-be
Posted on 12/26/14 at 6:51 pm to DakForHe15man
Vice owner.
Posted on 12/26/14 at 6:52 pm to DakForHe15man
"Lucky" seems to fit
Posted on 12/26/14 at 6:53 pm to DakForHe15man
C.O.O.
Posted on 12/26/14 at 6:54 pm to Thib-a-doe Tiger
I sure hope it isn't a tutoring business!!!
Posted on 12/26/14 at 6:57 pm to DakForHe15man
Hot dog carts aren't that hard to run baw. Quit worrying so much about it
Posted on 12/26/14 at 7:00 pm to DakForHe15man
owner in waiting??
Spoiler alert: you're going to inherit all of his debt and irs problems.
Form your on LLC or INC or whatever suits you the best for the business to transfer to.
Spoiler alert: you're going to inherit all of his debt and irs problems.
Form your on LLC or INC or whatever suits you the best for the business to transfer to.
Posted on 12/26/14 at 7:13 pm to KyleOrtonsMustache
quote:
Spoiler alert: you're going to inherit all of his debt and irs problems. Form your on LLC or INC or whatever suits you the best for the business to transfer to.
This for sure. Start your own LLC when you take over the business operations.
Posted on 12/26/14 at 7:14 pm to freeagent
Oh, and just transfer all the good assets to the new LLC and keep all the old bad debt in the old LLC?
What a genius idea
What a genius idea
Posted on 12/26/14 at 8:16 pm to boosiebadazz
I'm not sure about all this LCC/INC stuff & what-not.. hopefully I wont have to worry about all that for a while...
Vice-Owner - sounds pretty good but I looked it up and it is not a common used title for anyone that I could find.
C.0.0. - Is it a pretty common term? What's it short for again?
Boss-To-Be - That's neat but I don't like it that much. Don't really wanna be thought of as a boss.
Vice-Owner - sounds pretty good but I looked it up and it is not a common used title for anyone that I could find.
C.0.0. - Is it a pretty common term? What's it short for again?
Boss-To-Be - That's neat but I don't like it that much. Don't really wanna be thought of as a boss.
Posted on 12/26/14 at 8:19 pm to DakForHe15man
How old are you, kid?Posted on 12/26/14 at 8:33 pm to DakForHe15man
if you dont know this stuff, then im not so sure you want to run your own business. better study a lot a lot. because thats stuff you learn in middle school/high school
and im saying that as nicely as i can. not trying to be a jerk at all.
and im saying that as nicely as i can. not trying to be a jerk at all.
Posted on 12/26/14 at 8:45 pm to DakForHe15man
Successor or just co- Member
Posted on 12/27/14 at 10:17 am to DakForHe15man
Nobody just leaves a business........you would buy the owner out or have an agreement to do so upon death or once you know what you are doing. I highly recommend a high quality lawyer who specializes in acquisitions to create an agreement that favors you and to make sure there are no suprises like a lien on the business.
Posted on 12/27/14 at 10:33 am to DakForHe15man
sounds like youll do fine when you take over. good to call peoe that will help you now- make friends for when you need them. Great place to start
Posted on 12/27/14 at 10:35 am to DakForHe15man
quote:
Is there a specific name for the person that will become owner
future bill payer
Posted on 12/27/14 at 11:27 am to boosiebadazz
quote:
Oh, and just transfer all the good assets to the new LLC and keep all the old bad debt in the old LLC?
What a genius idea
I specified this when I purchased my practice 11 years ago. During my due dilligence, I noticed several long term contracts that made no sense to me with a few vendors that I would not utilize.
Purchase contract specifically stated that I would purchase only the assets of the practice and not liabilities (including these contracts). Deal was closed with no problems.
I did receive phone calls from these vendors and politely referred them back to the previous owner. How they resolved it was not my concern and none of these cancelled contracts caused me any problems.
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