Q: Back in 2005, how would a Florida general partnership transfer its assets when it changes to a corporation?
If a Florida general partnership incorporated in 2005 to become an S-corp, what steps would they have had to take in order to properly transfer the partnership's assets to the corporation? Is there a Florida statute regarding how this is done or are assets just automatically transferred? Does the partnership no longer exist due to the formation of the successor corporation?
I see that someone replied. I was hoping for something more concrete so let me say it this way: If one of the assets was intellectual property and no paperwork was ever done to formally transfer any assets but a corporation was indeed created in 2005 for the purpose of succeeding the partnership (for liability protection) and no dissolution paperwork was ever done to dissolve the partnership, what happens to the assets (what entity owns the assets) and what is the status of the partnership in the eyes of Florida law?
A: You have to prepare a Bill of Sale and other transfer documents depending on the nature of the assets from the GP to the Corp. This would be the capital contribution of each partner as each partner would become a shareholder in proportionate to his or her partnership percentage. You would also prepare a Dissolution of Partnership.
Bruce Alexander Minnick agrees with this answer
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
