I would like to sell my llc
State/Country relating to question: South Carolina
Thank you for the post, I am happy to assist you by answering your questions. What question can I answer for you regarding your desire to sell your LLC?
Here is the situation. I currently have a single member Llc in South Carolina. I am wanting to sell the business to another individual. He is located in Tennessee. He would like to keep the same name and all that goes with that. I know I need some document(s) to sell him the company and assets. This would then release me from any liability. Should he create a LLC in Tennessee with a new tax id and then I can sell the business to him? That would allow me to close the business in South Carolina.Any help is greatly appreciated.Brian
Thank you Brian, does the sale of the business involve inventory, is it a service business or a product business?
I am a ticket broker - it includes remaining inventory (no much right now), phone system, computer licenses for POS, computer hardware and software and hosting account. I might be forgetting a few things but this is the main stuff. Basically he is buying everything and I want to make sure I am not liable for it anymore.Please let me know if you need anything else.
Thank you, XXXXX XXXXX situation the seller would keep the business up and running until the buyer is up and running, then you would assign the business to the buyer by directing customers to the buyer's site, address, etc (assuming the buyer is operating under a different name). IF your business name is XXXXX XXXXX the buyer's state, then the buyer would just adopt your business name, and can even take over your website/online presence. In any event, you and the buyer need to execute a asset purchase agreement such that the terms of purchase are stipulated and as the seller you limit your liability to only those acts or omissions known prior to the sale date, and the buyer agree to be liable for any other claim arising after the sale date, whether known or unknown to the seller.
Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
Please let me know if you have any follow up questions.
Where can I get an sales agreement for this?
In truth, the best approach here would be to retain counsel to draft the agreement for you. But you can find sample agreements online at sites such as realdealdocs.com or docstoc.com
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