When you are hurt in a car accident, there are a lot of things that run through your mind, but most people aren't focused on suing the other driver or their own insurance company. Unfortunately, because of the way the world works, most people find that they are given far less of a settlement than they deserve, especially if the accident wasn't their fault. I wanted to create a blog all about choosing a better accident and personal injury attorney, so that you can prevent longterm financial ramifications from your accident. I know that a lot of these tips helped me along my journey.
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If you are looking to give someone in your company your shares, and you want to sell them to the person directly, or gift them, you want to get a lawyer. There are a lot of things that have to be done for this transaction to be completed legally and appropriately. Here are some of the things that you need to talk with the lawyer about, before you make any moves, and before you transfer any funds or shares with the other person.
Protect Yourself
If you are currently the sole owner of the company, and you want to give someone who is your employee a share in your company, you want to make sure that you are protected as the majority owner. Your lawyer will go over your financial documents from past years and other information, to help you determine how much ownership, or how many shares the person deserves. You want to have all control still, and be the majority owner, so you only want to give what you can afford to give away.
Agree on Terms
The two of you have to agree on terms. If you don't want the person who is getting shares to have any decision making, or you don't want them to be able to establish new contracts, make financial decisions, and more, this has to be in the contract. If you expect them to take on more responsibility, these details need to be explained on the contract. Once the lawyer has drafted the contract they need to look at it, and agree to the terms by signing it.
Tax Information and More
You will have to also work with your book keeper to make sure that everything is changed. Since you may pay each half or quarterly, the amount you pay will be altered because the other person with ownership in the company has to pay taxes as well. The tax professional will let them know how much they want to keep aside, or as them if they want it taken out automatically and put in their own account.
There are a lot of different things that will have to be agreed upon, and taken into consideration when you are adding another person to the ownership of your business. Talk with a legal firm, like Boynton Waldron Doleac Woodman, and have the other person possibly get their own lawyer. Then, go from there with the negotiations and documents.
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