Also, does your uncle intend to stay in business? If so, hell have to change the name of his company. If your uncle has trademarks or other intellectual property connected with the name, youll want to address that, too, in a written agreement.
Once you have worked out the terms, only then do you want to file any necessary papers with your states secretary of state. All the more reason to start with an attorney, who will identify in advance the issues you need to address.
Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.