ACE enables fans and investors to invest in your Talent Ltd Company before the company has been incorporated. Remember, fans and investors are purchasing equity in your company, not donating money. In order to fully complete the transaction, the Talent has to have a verified company to issue equity from. Without the company, there is no transaction.
The following should be competed in order to get any money invested released to the Talent.
Some of these steps may already be complete when a Talent applies to be listed – all of which shall be verified for proper arrangement, order, and composition, prior to being listed. Additional items may be required by ACE on a case-by-case basis.
REMEMBER TO UPLOAD ALL DOCUMENTS TO YOUR TALENT PROFILE AS THEY ARE COMPLETED! OR YOU CAN WAIT TILL THE END...
- Form Ltd Co for Talent; Register Talent Limited Company in ACE authorized location; report any existing 3rd party shareholders other than the Talent themselves;
- Name ACE as Co-Director in Talent Ltd Co as Custodian of shares: authority, power of attorney to issue shares on Talent Co behalf, co-signer / co-authorizer for new share issuance;
- All talent-related activity, intellectual property, trade secrets, derivative works, etc. sold/assigned to Ltd Co; User Agreement + ACE shared folder;
- All contract, deals, revenue through, etc. assigned to, Ltd Co;
- All short-term liabilities assigned or transferred to, Ltd Co (no bank debt, long-term debt, or existing liens can be assigned);
- Bank Account open(ed) in Ltd Co name in an investment grade bank with USD correspondence;
- ACE given viewer rights to bank account;
- User agreements signed;
- Quarterly reporting agreements signed;
- Persons assigned to paperwork (fiduciary); and
- External legal counsel assigned and listed as fiduciary.