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Originally Posted by BlingDaddy
I'm no legal expert, and I would advise you find one. There is no such thing as a "closed corporation".
You parents will not be able to assign the third party shares unless they are majority owners. Additionally the "third party" where are they?
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i understand your not a legal expert, but i'm just poking around right now before making any type of decision...i've studied business law in college so sort of know how things work, thing is my family says everything should be "okay", i guess they consulted their lawyers already.
and they said they need to to give them an answer within 3 days because they need to "renew" the corporation.
another thing is i know that the shareholder's credit history affects the credit of the corporation and the ability for the corporation to get loans...so i was wondering if it was vice versa...