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Can you own half a share?!

Can you own half a share?!

Taken on a new ltd company client that has had an interesting share movement

the company was set up as follows:

dad 1 share
mum 1 share
son 2 shares

son then transfered 1 share to his wife, all ok

dad then transferred his share and transfer form states that its to both son and son's wife. effect is:

dad nil shares
mum 1 share
son 1.5 shares
wife 1.5 shares

this doesnt seem right to me! Is it really acceptable / legal to have half a share??
TC

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16th Jun 2009 19:03

Watch voting powers
When a share is held in joint names the first named is the person who has the power to cast the vote of that share.

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By Anonymous
16th Jun 2009 17:31

No, you can't....
...but you can be a joint owner of a share.

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16th Jun 2009 17:08

It is a share of joint ownership
Your shareholders will now be;-

Mum 1
Son 1
Wife 1
Son & wife 1

It is normal in joint ownership situations to have the first person as the contact and as the person to receive the dividend payment. You should make the relevant entries and issue the share certificates as per the above.

Steve O’Neill
Business Tax Centre Limited
http://www.btc-nw.co.uk

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