The date for Assure’s shutdown of December 30, 2022 is approaching when Assure will no longer have employees to assist with transition needs. We are aware that transition activities are time-consuming and complex. Here is how Assure is going to continue to assist our clients with transition are it shuts down. 

1)      Assure Technology systems will remain active and available until January 31, 2023. 

2)      Box folders have been renewed and paid in full for the next 11 months. They should be available until November 2023. Please don’t ask Assure to add contacts to Box Folders. The best course of action is to have you set up your own cloud storage and move the documents from the Assure box folder to your new storage and then you can freely share your new storage box. Box folder content will be deleted in November 2023. Between Glassboard and Box.com you have all the docs that Assure has access to. If you cannot find the documents in Box and Glassboard, Assure does not have it. Finally, we have received a number of emails asking for documents that were actually in the Box folder. Please fully explore the Box folder, there are hidden gems if you dig around. 

3)      Assure has an alternative to Dividing SPVs from Assure’s Master LLCs. We noticed that the “Division of SPVs” from Assure’s Master LLC entities has been difficult for many so we now have an additional option.

1.     Do not divide but assign a new “Manager” for your SPV.
2.     Assure will keep its Master LLCs active for 7 years from the time the Master LLC was established
3.     Assure will resign as Manager and notify all investors of its resignation (requirement stated in the operating agreement)
4.     Clients need to select and formally assign a new Manager of their SPV(s)
5.     Documents and video are included at Assure.co
6.     Division or dividing is still available to be completed until January 31, 2023, and is preferred by many

4)      Former Assure team members are now working at various SPV service providers and they can be helpful with transition needs.

5)      Beginning on January 5, 2023, former Assure team members are available for hourly work to assist clients with transition needs. Hourly rate will be $100 or more. Visit www.spvs.co after January 5, 2023.

6) Assure CEO will continue to be available to send funds and sign Division documents through January 2023.

7)   Bank Accounts: Reminder, if Assure is holding funds in a bank account that Assure set up for your SPV or Fund, then you need to provide Assure with the details of a new bank account so we can send the funds to your new account. Our banking partners will not allow Assure to transfer ownership of an Assure bank account to you. You need to set up a new bank account.

1. Starting in January, any account with $1,000 or less will be swept by Assure so please provide us with new bank account details for these funds.
2. Starting in January, all open accounts will reimburse Assure the contractual $25.00 per month fee. Assure has been paying this per account fee for our clients and Assure will be reimbursed for November and December and each month going forward.

8) Update the EMAIL and MAILING address with your portfolio companies. Most investments have an Assure email and mailing address on file. You need to reach out to your investments and update the email and mailing address on file so all future communications are directed to you and not Assure. Assure will not be monitoring email or mailboxes.

9) E Share/Carta (electronic certificates) being held in Carta are in the name of Assure. Assure is working with Carta to reassign ownership of the certificates out to individual clients. We are waiting on a Carta technology solution. 

10) Encourage your investors to also go into Glassboard and download their documents before January 31,2023

11) Entities: You should have received an email from LegalInc. regarding any entities that are now your responsibility to maintain. Read that email and work with LegalInc. so your entities stay active and in good standing.

ASSURE IS SHUTTING DOWN download pdf

ASSURE MANAGER RESIGNATION download pdf | download word