Does MA allow this transaction? How do we legally go about the said terms of this deal? What are some things we should consider in making a move like this from PA to the Boston area. There is a strong need for our business there and we will be moving there at some point soon. Your guidance is well appreciated. Awaiting replies.I'm talking about a bizz opp situation whereas I create a subsidiary of my current PA cleaning company in Boston under the same LLC. The Parent company staying in PA.
First, even though you have a cleaning business already, since it is in Pennsylvania not Massachusetts, you should not try to use the same LLC. You will need a good tax and business attorney to review the business you are proposing to buy. Your attorney can help you analyze the best way of purchasing the business and also prepare the necessary agreements to assure that you have the best tax and business planning.
I hope this helps!
If you do not like this answer or disagree, please look at one of the other answers provided. It is not necessary for you to try prove this answer is "wrong" or something with which you do not agree. This is a free service for you based on limited facts. Nevertheless, many times you need to consult an attorney with the details to get actual advice specific to your concerns. Do not put too many details in your questions or comments because this makes the information public and could hurt you. Government Regulations contained in IRS Circular 230 regulate written communications about Federal tax matters, including e-mail, between us and our clients. This is another attempt by the government to limit your rights and to extend the control of government over individuals and businesses. Nevertheless, such communications are either opinions or other written communications. This is not an opinion. It is other written communication and was not written to be relied upon, by itself, to avoid any tax penalties. In order to receive assurances of protection from tax penalties from a written communication, you should get an opinion letter. If you would like to discuss an opinion letter relating to any matter, please contact me and I will explain what is involved and what it will cost.
As my colleagues has stated, you should speak with a business and tax attorney. Your questions are a little to complex for a forum like this and you want to make sure you are getting proper advice for your particular situation. There are many factors to consider when moving a business and each factor can impact the final outcome. You should consult with someone prior to making any decisions.
Please note that the above answer is not intended to be legal advice. It is my personal opinion based on the information you have provided without obtaining a complete view of the facts as I would to render comprehensive legal advice. I advise you to consult with an attorney experienced in this practice area. The fact that I answered your question does not create an attorney-client relationship between you and me.
I agree with my colleagues, that you need to engage an experienced transactional attorney before you enter into any letter of intent or any detailed discussions regarding the transaction. A transactional attorney is one who focuses his practice on "deals", such as determining the best way to structure the transaction generally to optimize your rights, to lessen your potential liabilities (such as tax liabilities), and, with the help and advice of an accountant, to perform such due diligence that you will not be surprised after closing with what you have bought or sold. Any transaction can be structured in a variety of different ways, depending on such things as how the financing will be structured, or whether and which of the current employees will be hired, and the impact of any current benefit plans or relocation plans. (For instance, if your goal is to own a certain hotel, you could purchase the real estate, or you could purchase the stock of the company that owns the real estate, or you could manage the entire hotel, or just the restaurant, or hire the seller to perform the management, or you could purchase an option on the assets or stock, or act as the financier, or enter into a joint venture with the current owner, or purchase then lease-back the assets, or some of them.) This is not the correct forum to answer the broad question you have posed. Spending some time with a transactional attorney would be a better use of your time.
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