Legal Question in Business Law in Idaho
can a shareholder/director of a sub s corporation transfer an asset out of the corporation and into his personal name
Asked on 4/12/11, 4:21 pm
1 Answer from Attorneys
Kevin B. Murphy
Franchise Foundations, APC
As a Franchise Attorney I can this. The transfer of corporate assets to a shareholder/director is possible. But it must be pursuant to an arms length agreement between the corporation and the individual. Depending on the asset, the transaction may also require approval of the Board of Directors. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
Answered on 4/12/11, 5:13 pm
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