Hello, I want to sell (give it away) all my shares from a company to the other owners. The company currently is not doing so well. However the other owners does want to continue with the business. After i told them about it, they show me the current situation of the company and wants me to pay money to be able to get rid of my shares. My plan was to just give them my shares for nothing in return but now they are asking me for money. Is that how is normally done? Plz Help! Thanks
- Thread starter lucas08
- Start date
giving away my shares from a company to other owners..but they are asking me to pay
In a company you share in the profits AND loses...
I assume you would have no issues taking money if the company were doing well...
Gregg
I assume you would have no issues taking money if the company were doing well...
Gregg
However generous your offer may or may not be, they are at liberty to accept it or not or put forward their conditions of acceptance. It's that simple. In other words you can't force a gift upon anyone.
If they don't want them at your conditions, you may probably be able to offer your shares to someone else(?).
... J-D.
Probably they are afraid of the the liability that would come with ownership and want some cash to cover the risk.
There is no liability with ownership of shares. The corporation is it's own legal entity and shareholders are not liable. Your loss is simply what you put into the company as an investment. You do NOT have to pay anything to the other owners. They can take your shares or decline on your terms. Otherwise just walk away from it.
Thanks for the respond
They reason I want to get rid of the shares is becuase they have the full control of the company and doesnt want to let me get involved.Therefore I dont want to take anymore responsability from decisions that they make. They have taken loan in the name of the company without letting me know about it. Is there anyway i can get rid of the stock without having to give it to someone? or maybe just give up the right for the stocks? Thanks everyone!
They reason I want to get rid of the shares is becuase they have the full control of the company and doesnt want to let me get involved.Therefore I dont want to take anymore responsability from decisions that they make. They have taken loan in the name of the company without letting me know about it. Is there anyway i can get rid of the stock without having to give it to someone? or maybe just give up the right for the stocks? Thanks everyone!
i would consult a lawyer about that.
as a share holder you are also responsible for any stuff the company is doing, credits aso. there are limits, too.
that depends how your share/relations with that company are.
i would recommend to take advice from a professional who knows exactly about the rules/laws on such behavior.
Mike
as a share holder you are also responsible for any stuff the company is doing, credits aso. there are limits, too.
that depends how your share/relations with that company are.
i would recommend to take advice from a professional who knows exactly about the rules/laws on such behavior.
Mike
First of all, if the company is not a partnership, but a corporation (C x A, SA, Ltd, etc. and has officially issued shares or ownership stakes) and YOU have paid up your portion of base capital when it was subscribed (or paid for stock when it was purchased) you are NOT resposible for the losses of the company. As was mentioned, your loss is limited to the original investment. You are not legally liable for any losses but you are legally entitled to the benefits (earnings) of the company.
Now if this is DR company, and the owners are doing some shady stuff, get out, and get out fast!!!! You better start running. You do not want to be involved in case any fraud etc is detected.
Well, maybe you can think about this approach how to get rid of your shares:
Create a shell company, with anonymous ownership, in Panama, Belize, BVI, Delaware, etc. Best is the company with bearer shares.
Sell the shares (those you want to get rid of) to this company for symbolic 1 dollar.
BURN the bearer shares of the offshore company!
Get some friend from far away to sign on behalf of the company as a director but without too much identification. Two days later the friend resigns as a director and he keeps a copy of the resignation letter, with a certified copy postage paid sent to the company's legal address (this is just in case, for such a case).
Best if done abraod. Have the shares sale contract notarized. If you know some notary (or somebody that is willing) you can get the contract notarized without the second party being present ("As seen on TV"... err.. in the DR). Get the stamp (apostille) from the Notarial Authority (e.g. in DR Procuraduria General) or embassy stamp from the country where the notary is localized if apostilles are not used by that country.
Now you have officially gotten rid of your shares and a shell company with a ghost owner is the proud owner.
You can sleep well, and your former partners cannot. Now if anything, something, is needed wjere all owners are required (e.g. tag-along sales, etc., bank contracts, anything) wish them luck contacting the new owner.
Some kind of a small vengance, this stuff...
Consult a professional offshore consultant.
Now if this is DR company, and the owners are doing some shady stuff, get out, and get out fast!!!! You better start running. You do not want to be involved in case any fraud etc is detected.
Well, maybe you can think about this approach how to get rid of your shares:
Create a shell company, with anonymous ownership, in Panama, Belize, BVI, Delaware, etc. Best is the company with bearer shares.
Sell the shares (those you want to get rid of) to this company for symbolic 1 dollar.
BURN the bearer shares of the offshore company!
Get some friend from far away to sign on behalf of the company as a director but without too much identification. Two days later the friend resigns as a director and he keeps a copy of the resignation letter, with a certified copy postage paid sent to the company's legal address (this is just in case, for such a case).
Best if done abraod. Have the shares sale contract notarized. If you know some notary (or somebody that is willing) you can get the contract notarized without the second party being present ("As seen on TV"... err.. in the DR). Get the stamp (apostille) from the Notarial Authority (e.g. in DR Procuraduria General) or embassy stamp from the country where the notary is localized if apostilles are not used by that country.
Now you have officially gotten rid of your shares and a shell company with a ghost owner is the proud owner.
You can sleep well, and your former partners cannot. Now if anything, something, is needed wjere all owners are required (e.g. tag-along sales, etc., bank contracts, anything) wish them luck contacting the new owner.
Some kind of a small vengance, this stuff...
Consult a professional offshore consultant.
Find their competitor(s) and offer your shares to them... Hell, you never know, they may eve buy them.
... J-D.
... J-D.