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**

About Imke Ratschko


Imke Ratschko is a New York Attorney helping small businesses, business owners and entrepreneurs with all things "Small Business Law," such as litigation, contracts, business owner disputes, shareholder and operating agreements, sale or purchase of a business, investors, and starting a business. You can reach her at 212.253.1027.

3 comments

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