Can a franchisee change names if its franchisor went out of business. Can this be done, how and is it tax-free.

ANSWER

The BIDaWIZ Team's Answer:

We're assuming that you setup a business entity such as a Corporation when you initially became a franchisee. If that's the case, you can simply file a form for a company name change as well as modify the articles of incorporation. It would not be a taxable event unless there was a change in ownership of the equity and or assets. Are you incorporated in Colorado? If so, here's a list of the forms that may be applicable to you for filing a name change - http://www.sos.state.co.us/pubs/business/forms_main.html