This form is used when Assignor grants, assigns, and conveys to Assignee a percentage of the net profit interest in the Working Interest. The Net Profits Interest is the stated percentage interest in the share of monies payable for gross production attributable to the Working Interest less the costs and expenses attributable to the Working Interest.
The Wisconsin Assignment of Net Profits Interest is a legal agreement that allows individuals or entities to transfer their share of net profits from a business to another party. This type of assignment is often used in partnership or joint venture arrangements, where one party wishes to transfer their entitlement to receive a portion of the profits generated by the business. Wisconsin recognizes various types of Assignment of Net Profits Interest, each serving specific purposes in different business contexts. The most common types include: 1. General Assignment of Net Profits Interest: This type of assignment transfers the assignor's overall interest in the net profits of a business. It involves the complete transfer of the assignor's right to receive a specified percentage or amount of the net profits. 2. Assignment of Limited Partnership Net Profits Interest: This specific type of assignment is applicable in limited partnership structures. It enables a limited partner to assign their share of net profits to a third party, granting them the right to receive the designated portion of the profits. 3. Assignment of Net Profits Interest Upon Dissolution: This type of assignment comes into play when a business is dissolved. It allows for the transfer of the assignor's net profits interest to another party, ensuring their entitlement to a portion of the profits during the winding-up process. 4. Assignment of Net Profits Interest in a Joint Venture: In the context of a joint venture, where multiple parties collaborate to achieve a common goal, this assignment type permits one party to assign their share of net profits to another party. It facilitates the reallocation of profits within the joint venture agreement. The Wisconsin Assignment of Net Profits Interest is a legally binding document that should include key information such as the names and addresses of the assignor and assignee, the effective date of assignment, the percentage or amount of net profits being assigned, and any conditions or limitations associated with the assignment. It is important to note that the specific requirements and regulations for the Wisconsin Assignment of Net Profits Interest may vary, so it is advisable to consult an attorney or legal professional familiar with Wisconsin business laws when drafting or executing such an agreement.
