Selling my old domain names to my new LLC?

[ffp504]

Hello,

I am wanting to move my domain names I personally own to my recently setup LLC. I bought all of these domains for future use. Some speculation of higher value. I also want full protection my domain offers before I do any thing commercial with these names.

What is the best way to go about this. Is it as simple as writing a bill of sale for $1 to my LLC?

More confusion is moving this around in my godaddy account.

Any advice is appreciated.

Thanks in advance,

 

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[theag]

I would just change the whois and billing adress and be done with it...

Might be wrong advice though, I dont have a clue

 

[ZCP]

License them to your LLC and use that as a way to pay yourself some money out of the company!

 

[Esquire]

Hello,

I am wanting to move my domain names I personally own to my recently setup LLC. I bought all of these domains for future use. Some speculation of higher value. I also want full protection my domain offers before I do any thing commercial with these names.

What is the best way to go about this. Is it as simple as writing a bill of sale for $1 to my LLC?

More confusion is moving this around in my godaddy account.

Any advice is appreciated.

Thanks in advance,

As long as you are not insolvent I don't see a problem with what you are proposing (i.e. no fraudulent transfer considerations) and the $1 idea makes sense to me (absent a fraudulent transfer claim, courts will not generally contest the amount of consideration paid) ... and if the domains are not being used ... all the more reason to say ... go for it.

Seems like a fairly harmless transaction to me.

 

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[ffp504]

License them to your LLC and use that as a way to pay yourself some money out of the company!

This seems interesting. Can you explain further on how & why i should do this?
Thanks,

 

[ZCP]

Sign an agreement between you and your LLC. You bill them a certain amount per month / quarter / year / etc. for licensed use of the domain (make sure there is an indemnify clause). If your LLC is on accrual, you book the cost immediately and increase your basis in the company. Later, the LLC cuts a check to pay the invoice. This is non W2 (thus no FICA) income to you.

If you missed any of what was said, it is time to get a couple of accounting books and to hit irs.gov to review and learn!