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Posted by Stuart A. Bronstein on February 13, 2007, 1:49 am
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> I own a business that is structured as a corporation with
> s-corp status with the IRS. A private party wants to buy
> the business. Now of course he can just buy the assets of
> my corp and form his own corp but doesn't want to because
> off all the licenses and bank accts we have. It would be a
> paperwork nightmare.
>
> So basically I want to sell him my shares in the
> corporation. That way he can just walk in and take over.
>
> My questions are:
>
> 1. How exactly do you sell the shares you own (I own 100%)?
> What document proves they are xfered to the buyer?
In part it depends on the laws of the state the business is
located or incorporated in. Assuming it's not a publically
traded company, you probably have to satisfy securities laws
or qualify for an exemption from them to transfer title to
the shares.
In terms of licenses, some of them are likely based on the
officers of the company. So any change in ownership of the
company could require applying for and receiving
authorization for amendments in the license application.
You really need to check with a local business lawyer to
determine exactly what you need to do under your particular
circumstances.
Stu
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