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I'm a bit confused here? The OP basically said "your LLC created the IP and now a C-Corp owns but it never legally transferred it". IANAL, but from what they've
by mbesto 12y ago
I'm a bit confused here? The OP basically said "your LLC created the IP and now a C-Corp owns but it never legally transferred it". IANAL, but from what they've told me, if IP is transferred from one entity to another you must make a transaction. You can't simply say "I made this so wherever I go to next, that entity owns it"
Source - I've had the same situation and discussed with a lawyer.
- gamblor956 12y agoLegally, his comments were partially correct in that the LLC would own the IP prior to the transfer. But tax-wise, they were completely incorrect--a single-member LLC generally does not exist for tax purposes, and it is generally possible (even trivial) to transfer the "LLC's" assets to the C-Corp without incurring any tax liability. (A transaction occurs in this sort of situation, but generally it doesn't result in any "costs" or taxes due).
- mbesto 12y agoGotcha - good point.
- stevoyoung 12y agoThanks for the clarification.