Legal Question in Business Law in Georgia

business law - transactions

I've written a book that I'm about to self-publish. Someone told me that I could form a company (LLC or Inc.) and have the company ''buy'' the rights to the book for the amount of money I have spent toward it over the past 5 years. How exactly does such a transaction take place. Do I only need to be able to substantiate the business' expense for tax purposes or does a contract have to be drawn up. Would a lay contract work or would it need to be a particular legal contract or a contract drawn up by an attorney?

Thank you so much for your time.


Asked on 7/18/07, 6:14 pm

2 Answers from Attorneys
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: business law - transactions

You would need to incorporate or form an LLC and you would then purchase your interest in the company (stock if a corporation and membership interest if an LLC) in exchange for the rights to the book.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 7/18/07, 9:01 pm
Charles W. Field Charles W. Field, Attorney at Law

Re: business law - transactions

You should first consult with your tax expert about which way to go. Then, depending on that advice, you can have an attorney prepare whatever documents are called for.

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Answered on 7/19/07, 11:11 am


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