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I purchased a majority interest (75% of the shares) in a…

I purchased a majority interest...
I purchased a majority interest (75% of the shares) in a Delaware S Corporation. How do i record and or register the change of ownership?
Purchase was made with a Stock Sale agreement
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Answered in 11 minutes by:
10/19/2017
RGMacEsq
RGMacEsq, Attorney
Category: Business Law
Satisfied Customers: 17,694
Experience: Licensed Texas General Practice Attorney
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Thank you for using JustAnswer.

You only need to update this information in the stock register of the corporation. You don't have to file it with any agency, etc... Now to the extent that directors / officers are going to be changed, no information about the officers or Directors is required to be filed publicly in Delaware in the formation process. It is a nice feature of Delaware; this way, should an officer or Director change, the company is not obliged to file amendments with the Division of Corporations to update that information.

Instead, the change is recorded internally, which allows the business owners to focus on the operation of the corporation rather than tedious paperwork. All Delaware corporations are required to file an annual report each year on or before March 1, naming the current directors and officers, but not until then.

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

Thank you, ***** ***** luck to you!

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Customer reply replied 4 months ago
Who would maintain the stock register?
If its missing can we create a new one?

Yes, you can, but make sure that you have a resolution by the board of directors that does so. The corporate secretary of the corporation typically maintains this stock register.

RGMacEsq
RGMacEsq, Attorney
Category: Business Law
Satisfied Customers: 17,694
Experience: Licensed Texas General Practice Attorney
Verified
RGMacEsq and 87 other Business Law Specialists are ready to help you
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Customer reply replied 4 months ago
Thanks for this, very helpful.

My pleasure.If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (good or better). Thank you, ***** ***** luck to you!

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RGMacEsq
RGMacEsq
RGMacEsq, Attorney
Category: Business Law
Satisfied Customers: 17,694
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Experience: Licensed Texas General Practice Attorney

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