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selling a business

regulus

regulus

Rising Star
BGOL Investor
I have an LLC that I'm not doing anything with and want to sell it. It costs $200 to form one in Texas so I figure that I can sell it for $150 because it also has a tax ID, D&B number, and reseller license. It's good to go. I just need to figure out how to change ownership. Is there one form or several that I have to fill out?
 
regulus said:
I have an LLC that I'm not doing anything with and want to sell it. It costs $200 to form one in Texas so I figure that I can sell it for $150 because it also has a tax ID, D&B number, and reseller license. It's good to go. I just need to figure out how to change ownership. Is there one form or several that I have to fill out?
Click to expand...
Hit me up... I may buy that off you Dawg! "LICK"
 
regulus said:
I have an LLC that I'm not doing anything with and want to sell it. It costs $200 to form one in Texas so I figure that I can sell it for $150 because it also has a tax ID, D&B number, and reseller license. It's good to go. I just need to figure out how to change ownership. Is there one form or several that I have to fill out?
Click to expand...
Are you provide:

(1) A certification that the LLC does not have any debt or obligations ?

(2) Certifications from state and local taxing authorities that (a) the LLC is in good standing and (b) no taxes are owed ?

(3) Certifications from the Secretary of State of Texas that the LLC is in good standing ?

(4) An indemnication and hold harmless agreement through which you agree to defend any suits filed or that may be filed for liabilities arising through the date of transfer of ownership and agree to pay for any defense (lawyers and costs) and to pay any damages that may result from any such suits ?

(5) Will you provide a copy of any insurance that you presently have insuring the business naming me as an additional insured; or, if there isn't any insurance, what will you put up (pledge) to pay for attorneys fees and damages ?

If yes, provide me with electronic wiring instructions and the certifications. If not ...

QueEx

MORAL OF THE STORY: Do you see what the potential exposure could be with acquiring a business ???

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Dawg! You ain't wanting to do this... PMed you and replied to the post... "LICK"
 
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