ASSIGNMENT OF ASSETS
AGREEMENT entered into by and between _______________________________________, hereinafter referred to as "Stockholder" and _______________________________________, hereinafter referred to as "Corporation."
WHEREAS, the Corporation was lawfully formed by Articles of Incorporation filed with the Secretary of State of ___________________; and
WHEREAS, Certain assets must be lawfully transferred to the Corporation so the Corporation may be capitalized; and
WHEREAS, Stockholder wishes to transfer certain assets, as specified on Exhibit A, attached, to the Corporation; and
WHEREAS, the Corporation wishes to acquire certain assets, as specified on Exhibit A, attached, from Stockholder.
IT IS HEREBY AGREED, for and in consideration of the mutual covenants and agreements hereinafter entered into, as follows:
- Stockholder herewith transfers and assigns to the Corporation those assets specified on Exhibit A, attached.
- The Corporation herewith issues to Stockholder ____________________________ [quantity] shares of stock in the Corporation, par value $_____________________ per share, in consideration of the abovementioned transfer and assignment of assets.
AGREEMENT made on this ______ day of ____________________, 20_____.
Stockholder's Printed Name
Corporation Representative's Printed Name
Corporation Representative's Signature
Witness #1's Printed Name
Witness #1's Signature
Witness #2's Printed Name
Witness #2's Signature
An asset can be described as anything that is owned by a company, an organization or an individual person. Asset can be anything that has legal value in the market from office equipment to industrial machinery to commercial property to the employees that work in a company. In simple words, everything that a company owns is defined as its assets.
Introduction to the Assignment of Assets Agreement:
When a company wants to arrange for money but there is no easy way to do so, there is always the possibility of selling the assets that the company owns in exchange for the money. This process in which a company sells or assigns the ownership of its assets to a third party is known as assignment of assets. An agreement is signed in this process in which the owner states that he has sold or assigned the rights and ownership of his assets to the next person where the assignee explains that he has acquired the rights of the assets and has paid in return. Usually it’s not included in the agreement but if the owner wants, he can also include the terms and clauses about the use and resale of the assets by the assignee.
Brief Description of Assignment of Assets Agreement:
Money is the most important element to run a company or business and when a company owner realizes that his business needs money on urgent basis but he can’t arrange for it on such short period of time or his creditors are threatening to sue him in court if he doesn’t return his debts, he has to make crucial decisions. He can either go bankrupt and has a new fresh start or he can ask for loan and return it with more interest and increase the debt on his shoulders. Another option is to sell or assign his assets to a third party and get money from him. In this assignment of assets process, the business owner makes a deal with another company and assigns the rights of his assets to them and in return, either clears out his debt or takes money from them and use it to pay his debt.
Key Elements to include in the Assignment of Assets Agreement:
- Name of the person who is assigning the assets with complete address
- Name of the company that owns the assets with complete address
- Name of the person or company who is buying the assets with complete address
- Date when the assignment of assets agreement is being signed by both parties
- Reasons of assigning the assets explained by the assignor (if applicable)
- Details of the assets being assigned to the assignee
- Market value of the assets on the agreement signing date
- Details of the compensation that the assignee has offered to the assignor in exchange for the assets
- Particulars uses of the assets as explained by the assignor (if applicable)
- Terms and conditions of the agreement
- Expiration, validation and termination of the agreement
- Signature of all parties involved in this assignment i.e. assignor, assignee and witnesses
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