How to Transfer assets to my company...
Dallas, TX
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Posted 27 days ago in Limited Liability Company (LLC)
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I'm starting a new business and I have already purchased some equipment in my name... how do I transfer these assets to my company so that they are owned by the company and not under my name?
Thanks! Answers (2)Mark A. Jinkins
This attorney is licensed in Wisconsin.
Posted 26 days ago.
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Generally property is transferred by some document; for example a Bill of Sale from you to the LLC would be used to transfer equipment.
Brooke Daves
This attorney is licensed in Texas and 1 other state.
Posted 25 days ago.
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Have you already formed an LLC? If not, you would not want to transfer anything yet, of course.
If so, as indicated by the other response, you usually would use a Bill of Sale for personal property. However, there are a few important issues you need to keep in mind. For example, is that equipment going to be your capital contribution to the LLC? If so, you need to make sure to reflect that in the corporate books. On the other hand, if it is going to be sold by you to the LLC, you need to make sure that whatever approvals are necessary by the LLC be obtained by resolution or unanimous written consent. Whether such a resolution is necessary depends on the terms of the LLC's Company Agreement. Please note that this answer does not constitute legal advice, and should not be relied on, since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. |