Legal Question in Family Law in California

Changing ownership of an S-Corp in CA

I have an S-Corp and i hold the 100% shares of the corp in CA. My parent send me money from overseas and wanted to invest in US (they are not US citizens). They wired the money in a joint account w/ my wife. Now, the S-corp is in the process of acquiring real estate in its name. I want to change the ownership to my parents since they are the real owners and also want to protect myself if there is a divorce. What steps should i take to make sure that I change the ownsership so that in case of divorce, its treated as a separate property (not up for split up)?


Asked on 10/23/08, 3:06 pm

1 Answer from Attorneys
Lyle Johnson Bedi and Johnson Attorneys at Law

Re: Changing ownership of an S-Corp in CA

You should consult with an attorney to obtain a written agreement with your wife that the corporation is the property of your parents. Further you should immediately open a separate account in which to deposit the money from your parents. Attempting to protect property of this value by consulting on the internet is not a judicious business decision.

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Answered on 10/31/08, 11:38 pm


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