Legal Question in Business Law in Utah
Transfer of Assets from Sole Proprietorship to Partnetship
Two business associates and I are each running sole proprietorships that are similar in nature. We have decided to form a partnership. Given that we each have existing creditors, do we need to obtain their permission from our creditors to transfer assets to the partnership, or are we free to transfer the assets however we choose?
Asked on 10/22/07, 11:41 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Re: Transfer of Assets from Sole Proprietorship to Partnetship
Any assets you transfer will be subject to any financing agreements in place, meaning that the rights of the partnership will be subservient to the rights of the sole proprietorship creditors.
Answered on 10/23/07, 9:48 am
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