atomz4peace
Junior Member
What is the name of your state (only U.S. law)? California
I own a software company that for many years has tried but never really sold much, so we could argue that the value of the software is nothing.
We were advised to close the C corp and transfer the code ownership to a new LLC, just in case we ever did well and managed to get acquired so that we would avoid double taxation.
This leaves me with 2 questions:
1) Is there anything I need to document or forms to file to "prove" that the current value of the company/software is nothing so I'm not doing anything illegal in transferring ownership for no cost?
2) We have some marketing materials using the old name. I know the LLC needs to be a different name, but any risk of using the old website, biz cards, etc...? The new name will be as close as California will let us.
Thanks!
Jim
I own a software company that for many years has tried but never really sold much, so we could argue that the value of the software is nothing.
We were advised to close the C corp and transfer the code ownership to a new LLC, just in case we ever did well and managed to get acquired so that we would avoid double taxation.
This leaves me with 2 questions:
1) Is there anything I need to document or forms to file to "prove" that the current value of the company/software is nothing so I'm not doing anything illegal in transferring ownership for no cost?
2) We have some marketing materials using the old name. I know the LLC needs to be a different name, but any risk of using the old website, biz cards, etc...? The new name will be as close as California will let us.
Thanks!
Jim