Husband and wife are directors and owners of their company currently the shares are owned 75:25. Husband wishes to transfer 25 shares to his wife for no consideration. With regard to the company paperwork trail is it board minutes, stock transfer form, new share certificates and entry into the register. Anything missed? Thanks
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I think so
The question you asked was "Anything missed?" to which Paul's answer was "No - Don't think so" and I agree with him.
(1) Tax implications; (2) shareholders agreement
Transfer of an asset (the shares) by way of gift from H to W.
For CGT I believe spouse takes over the asset at donor's (i.e. H's) base value.
I have not kept up to date with it, but a case called Arctic Systems may be of relevance.
As regards procedure on transfer of shares, consider what the Articles of Association say.
If in the future the two shareholders are 50/50, then either can block activities i.e. as shareholder neither can pass an ordinary resolution. This is subject to what is in the Articles of Association. For future conduct, this question should be addressed: to provide for the possible future case where the two shareholders/ directors disagree.