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06-30-2008, 11:26 AM
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Senior Member
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Join Date: Apr 2007
Location: San Antonio, Tx.
3,334 posts, read 2,108,569 times
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Question on purchase agreements!
What is the name of your state (only U.S. law)? Texas
Hi,
Recently sold a hobby website of mine and I'm currently reviewing the contract (purchase agreement) before i sign it. However, the buyer put my personal name down as the Seller. I can change this, no problem, but my question is: what should I use in place of my name, if any, for maximum protection? I am self-employed and have a sole proprietorship. Should I put my business in place of my name?
This is just a basic question, but thought I'd get it double checked here.
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06-30-2008, 11:33 AM
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Visitor from Planet Quatt =^..^=
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Join Date: Oct 2007
Location: Cosmic Consciousness
3,862 posts, read 3,513,677 times
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Who or what is listed as the owner of your domain name? Isn't that the legal owner who has the legal right to sell the website?
If that owner is your sole proprietorship, that is the name that should sell the website.
Anyway, a sole proprietorship doesn't afford you, the individual, much protection since the individual is liable for the SP. If your domain name were owned by an LLC you'd be in much bettter "protection" shape... Next time, eh?...
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06-30-2008, 11:36 AM
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Senior Member
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Join Date: Apr 2007
Location: San Antonio, Tx.
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I am the owner of the domain name. Should I change anything before signing the contract?
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07-02-2008, 02:19 PM
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Senior Member
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Join Date: Oct 2007
Location: ID
1,220 posts, read 975,642 times
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As a sole proprietor then your company name is probably "TexasNick" dba yourwebsite.com
I suppose you could incorporate immediately prior to selling but then you would be dissolving the corporation immediately thereafter. In the purchase agreement there are a series of warranties you will make. I think you are giving a personal guarantee of those warranties anyway.
If you are not doing this with an attorney I would recommend you reconsider. In the big picture attorneys are not much to simply review a contract for you. That could save you a lot heartache down the road.
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07-02-2008, 02:23 PM
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fomalicious!
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Join Date: Feb 2007
3,748 posts, read 3,182,112 times
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DEFINITELY get an attorney. My Dad didn't and was forced to sell his building to the tenat b'c there was an "option to buy" in the contract and my dad didn't know what that meant.
Also, consider getting incorporated so the liability is not all on you, but rather on the company.
I am by no means a legal expert. I'm just someone who took business law in college!
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07-02-2008, 02:25 PM
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fomalicious!
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Join Date: Feb 2007
3,748 posts, read 3,182,112 times
Reputation: 2284
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Oh, and I forgot to add, if you don't want a lawyer, at least consider hiring one for an hour to go over the document with you.
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07-02-2008, 05:13 PM
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Senior Member
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Join Date: Apr 2007
Location: San Antonio, Tx.
3,334 posts, read 2,108,569 times
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update: i removed my personal name and put down my corporation as the seller.
Lastly, does anyone know if I need to get this purchase agreement notarized?
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07-02-2008, 05:42 PM
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Senior Member
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Join Date: Oct 2007
Location: ID
1,220 posts, read 975,642 times
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Typically no notarization is needed on an APA.
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