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Lawyer help Contract - Question for Legal Beacon

Resolved Question:

Lawyer help = Question for Legal Beacon: I am creating a contract for an oil company. I need help regarding the following [Is it good to go or should it be modified in any way]:


 


THE MEMBERSHIP INTERESTS REPRESENTED BY THIS AGREEMENT HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "FEDERAL ACT"), OR THE SECURITIES LAWS OF THE VARIOUS STATES ("STATE LAW"). THEY HAVE BEEN ISSUED AND SOLD PURSUANT TO AN EXEMPTION FROM THE FEDERAL ACT AND STATE LAW AND MAY NOT, EXCEPT AS SPECIFICALLY PROVIDED HEREIN, BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED BY THE HOLDERS THEREOF AT ANY TIME EXCEPT IN COMPLIANCE WITH THE PROVISIONS OF THIS AGREEMENT. TRANSFER OF A MEMBERSHIP INTEREST IS PROHIBITED EXCEPT PURSUANT TO REGISTRATION IN ACCORDANCE WITH THE FEDERAL ACT AND EACH RELEVANT STATE LAW OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE FEDERAL ACT AND EACH RELEVANT STATE LAW.

Submitted: 3 years ago.
Category: Tax
Expert:  Richard replied 3 years ago.
You can leave that provision exactly as is.
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 46875
Experience: 29 years of experience as a tax, real estate, and business attorney.
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29 years of experience as a tax, real estate, and business attorney.