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Get your taxes done using TurboTax
You should get legal advice about changing the ownership of the family business, particularly since it is a sole proprietorship.
A sole proprietorship is tied to its owner. Legally they are the same. There are no registration requirements to transfer the business; however, some legal aspects of the transfer deserve consideration.
For a discussion of this topic, please see the following article:
How to Transfer Ownership of a Sole Proprietorship
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‎June 4, 2019
8:11 PM