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Old 06-30-2008, 10:26 AM
 
Location: Midwest
5,616 posts, read 13,647,633 times
Reputation: 2722

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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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Old 06-30-2008, 10:33 AM
 
Location: Cosmic Consciousness
3,871 posts, read 15,208,241 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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Old 06-30-2008, 10:36 AM
 
Location: Midwest
5,616 posts, read 13,647,633 times
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I am the owner of the domain name. Should I change anything before signing the contract?
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Old 07-02-2008, 01:19 PM
 
Location: Boise, ID
1,356 posts, read 5,324,961 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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Old 07-02-2008, 01:23 PM
 
4,268 posts, read 13,712,106 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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Old 07-02-2008, 01:25 PM
 
4,268 posts, read 13,712,106 times
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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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Old 07-02-2008, 04:13 PM
 
Location: Midwest
5,616 posts, read 13,647,633 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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Old 07-02-2008, 04:42 PM
 
Location: Boise, ID
1,356 posts, read 5,324,961 times
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Typically no notarization is needed on an APA.
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