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Message 2268: Professional Corp, death of majority owner
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Posted by Linda Williams on 07/22/05
Subject: Professional Corp, death of majority owner
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The three remaining minority owners have legally unequal ownership and would like to gift ownership so that the three would end up equal owners, 1/3, 1/3, 1/3.
Assuming that an owner can gift a portion to another licensed professional, how do you handle the issue of CA community property ownership by the spouse.
In California, the wife has a 50% community property interest in a corporation, though she cannot own stock in the corporation because she is not a licensed professional.
Can she gift her community interest, even though she does not really "own" it. Or how would husband gift ownership in his professional corporation, when the wife has a community property right to ownership?
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