Transferring Assets to your new LLC

Another reader question:  "If you start a new LLC, but have web sites or other IP that you want to be “owned” by the new LLC, what needs to be done to make it property of the new LLC?"

The property has to be transferred to the new LLC, some say "contributed" to the LLC.  If the property consists of a website, you may write up a one page document that says something like "I hereby transfer all my rights to the domain name "www.minenomore.com" to New LLC.  I will do everything necessary to transfer such domain name to New LLC."  Then you should go to the host or other service where you originally registered your domain name and find out how to transfer the domain name to a new owner.

With respect to Intellectual Property, the process might be a little more involved.  If the IP is registered with the United States Patent and Trademark Office, you may have to record a transfer ("assignment") to the new owner.  In other words, first you create and execute the document that transfers the IP from you to the new LLC and then you effect any filings that need to be done to document such assignment and make it known to the rest of the world.

**This post is for informational purposes only and does not constitute legal advice**

Comments

[CARMELAMullen]

If you want to buy real estate, you would have to receive the credit loans. Furthermore, my brother always uses a consolidation loan, which seems to be the most useful.

[Attorney]

I think, too quick to equate experience as a private litigator with "business law experience." Of course, being a litigator in private practice exposes you to business law in certain respects, and may give you something of an education about business practice. But there is indeed a significant distinction between being a private litigator for business and bring a corporate practitioner, whether in-house (especially in-house) or at a big firm. Litigators come along after the mess has been made, and take the law as a tool in resolving a dispute; they do not work on planning to avoid messes as such. The nature of their exposure to business, and to business law, is very different from the kind of experience of business one has as a transactional or in-house lawyer, and it is quite possible

[lawyers]

All that being said, a bar is a lot like any other business, and bars are bought and sold as businesses all the time. The sale takes place just like any other sale - by selling assets, selling stock, via merger...etc. One of the unique aspects of selling a bar is the disposition of the liquor license. Typically a liquor license / permit is issued for a particular location and to a particular business entity. Any time the ownership of the bar business changes (whether through an asset sale or a stock sale), the approval of local and/or state regulators will be required in order to transfer the license. In Indiana, for example,

lawyers