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Message 2270: Re: Professional Corp, death of majority owner




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   Posted by Mary Kay Foss on 07/23/05

Subject:   Re: Professional Corp, death of majority owner


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In Reply to: Professional Corp, death of majority owner posted by Linda Williams on 07/22/05:

When we incorporated our professional corporation, the attorney had the spouses sign a statement acknowledging that they could not become shareholders even though they had a community property interest.

I don't see any difficulty in the nonprofessinal spouse making a gift of his or her community property interest. I don't see how a gift of shares by the professional spouse could be complete without her or his spouse giving up their community property interest.



  

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