Step 1. Identify Products and Services. As a first step, one should inventory the products and services involved in the transaction. It is important that no product or service be overlooked. For example a contributor may be well known for producing or distributing a particular product line, but may also distribute other lesser-known product lines and associated service businesses. The less well-known products and services may have previously unrecognized value or may present risks that demand the new entities management’s further consideration. A new entity’s management should prepare a comprehensive list of products, processes, services, rights under licenses from third parties, and rights to receive income under licenses issued by this contributor in order to focus attention on the specifics of the transaction. The party should also clearly identify and describe items that are not subject to the transfer under terms of the agreement.