Question posted in the Intellectual Property Law category relating to Western Cape
I would like t know if i am allowed to transfer my 50% shares of our private company over to my son. We are married in community pof property. Or if i am allowed to make my own will , this is real urgent. I honestly need some good advice. Please dont phone me, won't be able to talk.
Answer to the Question
Hi there and thank you for your question,
I am a practicing attorney based in South Africa and I will assist you with your question. Please feel free to ask as many follow up questions in order to clarify your question. If you have a new question, you must please open a new thread.
This will be seen as a sale of shares by you to your son.
Normally, before you can effect such a sale, you will first need to offer your shares for sale to the other shareholder at the price that your son is willing to pay for them.
If the other shareholder refuses to purchase them, then you can sell them to your son.
However, the other shareholder might accept the offer, and then end up with 100% of the shares. He would need to actually pay you the purchase price that your son would have paid.
If there is a part of the answer which you need more advice on, or clarity please continue in this same thread instead of opening a new question.
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