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Attorney Arcadier
Attorney Arcadier, Attorney
Category: Business Law
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Experience:  Contract questions and Incorporation questions answered.
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Are there any specific requirements/best practices for a document

Resolved Question:

Are there any specific requirements/best practices for a document transfering interest in intangible property (i.e. a spot in an affiliate marketing program) from an individual to an entity?
Submitted: 2 years ago.
Category: Business Law
Expert:  Attorney Arcadier replied 2 years ago.

Attorney Arcadier : You transfer the interest via contract. Best practices is no clearly define what it is you are selling, how much it is selling for, terms of payment and identify jurisdiction of where the contract would be enforceis case of breach.
Customer:

What if the transfer is for no consideration or nominal consideration?

Attorney Arcadier :

In the contract you write: "For good and valuable consideration hereby acknowledged, and ten ($10.00), the parties agree as follows:"


 

Attorney Arcadier :

For the to be valid it must have consideration. However, if market value is not paid, and this sale is being down to hide assets, etc., a fraudulent transfer claim may be brought.

Customer:

OK. Technically it has no value as it hasn't yet produced any income (nor is there a reasonable expectation that it would without additional efforts on the part of its owner), and my concern is basically to ensure that the liability protection afforded by the LLC would withstand an 'alter ego' challenge on the basis that the transfer document was invalid.

Attorney Arcadier :

Yes, so long as the liability arose AFTER the transfer.


 

Attorney Arcadier, Attorney
Category: Business Law
Satisfied Customers: 1106
Experience: Contract questions and Incorporation questions answered.
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