I'm genuinely curious about the ip transfer aspect. Could you expand on what IP did you transfer, how was it transferred and how much did that transfer cost?
I'm asking because I might be in the same situation in the future so I would like to know what exactly is involved in changing from an individual to a company when the product has already been developed by an individual.
The IP was the software I had created (web app + marketing websites), and bundled in with that was the customer list. Basically any intangibles.
In Canada it was done through a Section 85 election and there was some corresponding paperwork (T2057 + T2 tax return) But I needed to involve an accountant and a tax lawyer to make sure that the new company was structured properly to take advantage of the lifetime capital gains exemption, plus the lawyer's time to help me get specific wording in the sale contract to make sure I qualified for the exemption.
Cost wise it was probably an extra 15-20 hours of professional time.
Feel free to contact me directly (email in profile) if you want more details.
I'm asking because I might be in the same situation in the future so I would like to know what exactly is involved in changing from an individual to a company when the product has already been developed by an individual.