By: Martin M. Shenkman, CPA, MBA, JD

An assignment can be a legal document used to transfer ownership or rights. For example, if you have a business that leased a property or piece of equipment, and set up a new business, you may wish to assign or transfer the right to use that equipment or property to your new business. Thus, you could, assign the lease to the property to your new company. Before completing any assignment, you should carefully review the contract (e.g., lease) involved to see what pre-conditions you have to meet to being able to make an assignment effective.

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