If I currently do estate sale services as a single member LLC and would like to transfer ownership and responsibility to my husband, what is the process?

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If I currently do estate sale services as a single member LLC and would like to transfer ownership and responsibility to my husband, what is the process?

Asked on June 30, 2015 under Business Law, Maryland

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

To transfer ownership to your husband, you can either gift (give) it to him or sell it to him. There are potentially tax consequences to these choices, so speak with an account first, but the actual change over is legally simple: either a contract of sale or an assignment to your husband of your interest in the LLC. You would then amend the registration on the state's department of state website.

You could also keep ownership and simply make him the manager, if you want to just transfer the responsibilities.


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