How to transfer shares with no value to my partner?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How to transfer shares with no value to my partner?
I am no longer an officer of a corporation that I was involved with. My partner and I have equal shares. The corporation has no assets and no income. I would like to dissolve the corporation but my partner does not. Therefore, since I no longer want to be involved, I want to transfer all my shares to her. What do I need to do?
Asked on March 8, 2012 under Business Law, New York
Answers:
Steven Fromm / Steven J Fromm & Associates, P.C.
Answered 12 years ago | Contributor
You should resign as an officer and director. If he will not buy the shares there is little you can do.
eric redman / Redman Ludwig, P.C.
Answered 12 years ago | Contributor
you should have a stoxck certificate. it has a place to sign and transfer on the back. if not you need a bill of sale which transfers ownership in the shares . you can recite how much was paid(or not) you should also resign as an officer and director.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.