If I have a business in my name but it is my husband’s business, how do I transfer the ownership over to him so he becomes liable?

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If I have a business in my name but it is my husband’s business, how do I transfer the ownership over to him so he becomes liable?

Asked on January 14, 2014 under Business Law, New Jersey

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

You can't unless he agrees to accept it: you can't make someone take ownership of anything (even a business that in practical terms is his, but which is in your name) without their consent. If he does agree, you can sell it to him for anything ranging from a premium to just  $1; or give/gift it to him outright. Since there are very different tax consequences for the two of you depending on what is done, speak with a tax professional (e.g. a CPA) before doing anything.

If he will not accept the business and you are concerned he is doing things that can cause you liability, you may have other issues and perhaps should speak with a family law or matrimonial attorney.


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