Legal Question in Business Law in Illinois

Hello,

This is Mark Beimfohr. Back in the early '80's my Father incorporated a business and sold 18 common stocks to build a truck stop here in Illinois. The business was appraised in 2005 and by that the common stocks are worth about 75 thousand dollars each. I want to sell my one (1) common stock. Do I have to sell this stock as (1) or can I sell say 75% of the share and keep 25%? A friend of mine that is a broker said I could issue 75 shares off my one share and sell them for 1,000. dollars each. Is that possible?

Thank-You,

Mark


Asked on 5/17/10, 9:50 am

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Mark,

Thank you for your question. You could sell fractional shares if you wished to. However, the cleanest way would be for the company to effectuate a forward stock split - that is, for instance, issue all shareholders 100 shares for their 1 share. If you have some degree over the corporation, you could cause the company to do that.

Please let me know if you have any further questions. My email is [email protected]

Thanks,

Adam Tracy

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Answered on 5/22/10, 11:17 am


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