How do I - Transfer business ownership (incorporate, loan, insurance)

[foster3097]

My sister and brother in law are taking out an SBA loan for me to buy an established business. Everything will be in their name because they are taking out the loan. They don't want the business, they are just doing this as a favor for me. They don't mind their name on the SBA loan. I need the business in my name so I can transfer utilities, get licenses, insurance, ect...

They are buying the assets of the business, good will and the name of the business. I am assuming the at they will be a sole proprietor when all this goes through? They don't want to incorporate, but I will.

How do we go about getting the business from their name into mine?

Thanks!

[Kenlew]

PUT EVERYTHING IN WRITING...PUT EVERYTING IN WRITING...PUT EVERYTHING IN WRITING! No matter how good intentioned everyone is in the beginning, issues WILL arise. Have a written agreement that spells out everyone's responsilibilty. Define how the profits will be split, what happens if the business fails (loan repayment), etc. I would spend a little money and get an attorney to help with agreement. Even if you can't afford for the attorney to do a full blown agreement, you and your sister/BIL should at least write up your own agreement.

[FarNorthDallas]

You need an attorney.