One of my clients recently contacted me about obtaining a GSA contract schedule for his business. We talked about how his business is set up and I found out he wants to tranfer ownership of his business to his daughter and then retire. He said his daughter is already handling the daily operation of the business. I told him that if he did transfer the business to his daughter the business might be eligible for 8a certification.
The discussion turned to the real estate he owns personally and the best way to transfer the real estate to his daughter. We discussed the merits of using a Quit Claim Deed versus a General Warranty Deed. A Quitclaim Deed would simply deed the property to his daughter without a warranty. This type of deed is often used when transferring property between family members. A General Warranty Deed would be more applicable if his daughter were purchasing the property at fair market value and wanted to make sure title to the property was clear.