Legal Question in Business Law in Florida
Corporate shares
My husband and I are retired from a family business and would like to sign over our shares to our sons. Can we be excused from liability and can we do this without being subject to taxation?
Asked on 2/03/04, 9:22 am
2 Answers from Attorneys
David Slater
David P. Slater, Esq.
Re: Corporate shares
Shareholders have no liability nor is there tax liability of your gift.
Answered on 2/03/04, 9:32 am
Peter Gonzalez
Sanchez-Medina, Gonzalez, Quesada, Lage, Crespo, Gomez & MachadoLLP
Re: Corporate shares
The corporation may have liabilities, but generally shareholders do not unless they are involved in fraudulent misconduct. If you are conveying the shares of stock as a gift, then there should not be any tax liability, but please confirm this with your tax attorney or CPA.
Answered on 2/03/04, 11:49 am
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