[OH] [OH] How do I transfer assets and a promissory note between LLCs?
I need a contract to transfer assets from one of my LLCs to another.
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I’m having difficulty following because I don’t have the underlying documents. Generally, any terms acceptable to the parties can be put into an agreement (if not illegal). Here, the key is what the lender will accept. You could hire an Ohio business attorney to draft the agreement, or better—ask the lender for a form they’ll accept. That costs nothing and avoids drafting something they might reject. Having not heard from you, I’ll assume your question is answered. Feel free to follow up if needed.
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Ohio Loan Agreement/Promissory Note
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I need a contract to transfer assets from one of my LLCs to another.
Lexi, Chatbot
Have you already drafted any terms for this transfer?
I have terms and conditions.
Lexi, Chatbot
Any specific assets or liabilities to highlight?
Yes.
Lexi, Chatbot
Anything else the lawyer should know?
Yes.
Benjamin
I’m Ben, a licensed attorney. In which state(s) are the LLCs located?
Basically, I need a contract that states: (1) all assets from the original Asset Purchase Agreement (APA) belong to the new LLC; (2) all assets added since the APA also belong to the new LLC; and (3) the responsibility for the promissory note used to fund the APA belongs to the new LLC. Can this be done with a simple contract? This is all in Ohio. Also, I’m obtaining a loan to pay the promissory note, and the underwriters want to ensure the new loan is entirely the responsibility of the second LLC, not the first. The first LLC’s name is currently on the note.
Benjamin
I’m having difficulty following because I don’t have the underlying documents. Generally, any terms acceptable to the parties can be put into an agreement (if not illegal). Here, the key is what the lender will accept. You could hire an Ohio business attorney to draft the agreement, or better—ask the lender for a form they’ll accept. That costs nothing and avoids drafting something they might reject. Having not heard from you, I’ll assume your question is answered. Feel free to follow up if needed.
Benjamin
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