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Old 02-08-2019, 07:56   #1
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selling boat owned by corporation

My sailboat is a share in a Maine state corporation (simple "business corporation").
My late husband did this 30 years ago as per the Delaware Registry option. (Saved sales tax in our state and same will be true of buyer)

I want to sell her (The corporation). A little confused about how to do it.

Any of you done this, and if so, How did you proceed?

Thanks for any help.

-- Molly
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Old 02-08-2019, 08:06   #2
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Re: selling boat owned by corporation

You sell all the shares of the corp to the new owner. Since you are not familiar with this process I suggest you have an attorney complete the sale for you.

If the buyer doesnt want the corporation, the corporation can sell the boat and then you dissovle the corporation.

Did all the shares of the corp pass to you on his death?
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Old 02-08-2019, 12:39   #3
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Re: selling boat owned by corporation

Sounds like the lawyer is going to cost more than the sales tax savings? Shouldn't take him more than five hours.
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Old 10-08-2019, 14:39   #4
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Re: selling boat owned by corporation

I think the word "corporation" gets everybody nervous and fills the pockets of lawyers. I called the Coast Guard, and consulted a cheap lawyer and it is simply a matter of the corporation's name in the Buyer Seller Agreement.

Thanks to you all for your answers.



-- Molly
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Old 10-08-2019, 14:56   #5
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Re: selling boat owned by corporation

This is not the place to solicit legal advice about anything. The answer depends on a number of variables including but not limited to your role in the Corporation, how the Corporation is managed, in what state it was established, your responsibility as a shareholder, etc...

An attorney might save you money and headaches.
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Old 10-08-2019, 16:47   #6
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Re: selling boat owned by corporation

Yes, good point.

-- Molly
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