Hi Dolan, I am in the middle of purchasing an SaaS business but my LLc is not formed yet can I use my self as the individual then transfer over? Also can I use a physical address that’s in process of being fully set up as the business address?
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Hi Dolan, I am in the middle of purchasing an SaaS business but my LLc is not formed yet can I use my self as the individual then transfer over? Also can I use a physical address that’s in process of being fully set up as the business address?
Hello! My name is Dolan and thank you so much for contacting me! I just had a few quick questions for you: To what extent have you already begun the process of purchasing the business, and are there any deadlines you're working against?
We already have the APA written up the seller signed just awaiting my signature
Sure thing! You can sign the APA as an individual and later assign it to your LLC once it's formed. The law doesn't require the other party know of something like this, but it helps if that is disclosed. This is common when time is tight. You can also use a physical address that's still being finalized, as long as it's valid and you intend to operate from there.
Awesome. Would it be difficult to transfer the business to an LLC when ready?
Nope! So you would just want to make sure that you draft some sort of assignment agreement after the deal is closed and save it for your records.
Sounds good. Also the business address that I put on the APA upon signing can it be changed if needed ?
Sure thing! I'll be happy to address that. Yes, you can update the business address later even if a different one was used when signing the APA. Just make sure to notify the other party in writing so they have your correct contact info going forward. It won't affect the validity of the agreement as long as you’re reachable and acting in good faith.
Sounds good! Now for the assignment agreement do I draft it up my self or a legal professional?
My recommendation is 100% have a professional do it! I can draft it for you as well and because you use legal chat, you get a 10% discount. My regular fee is around $795 for drafting agreements like these; however, with 10% off, it'd only be $715. You can also post bids to the contractscounsel.com site, but those other lawyers don't offer the discounts.
How fast can you draft one up?
So if you give me the details of who the Saas business is, your first and last name, and state where your LLC will be formed, I could have it done by Monday. Would that be okay?
Any chance it can get done today? ClarusPath LLC formed in Delaware Physical address 9041 Garland Rd #1062 Dallas, TX 75218 United States
I’m wish my friend. At best, I can get it done by tomorrow. If that’s ok, let me know and I’ll send a job offer to you.