Legal Question in Business Law in Indiana

I was promised a 50% share holder in a 2-people S corporation on July 2014. We are still working on this issue. I have 2 question:

1. My partner is 100% share owner of this corporation, can he transfer half of his shares to me as a gift?

2. Four years ago, my partner purchased his previous partner's 51% shares for $1 due to his retirement. Can he resell to me 50% of the shares his previous partner sold to him at, say, $1?

Thanks.

2.


Asked on 9/24/15, 9:44 am

1 Answer from Attorneys
Kenneth Wilk Rubino Ruman Crosmer & Polen

1. Yes. But there may be tax implications.

2. Yes. But this may impact valuation of share and capital gains down the road.

Check with your accountant first.

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Answered on 9/25/15, 3:06 pm


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