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An owner now 70 wishes to dispose off his cc to his son. NAV…

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An owner now 70...

An owner now 70 wishes to dispose off his cc to his son. NAV is R450 000 ans as the son has been in the business for the past 15 years no goodwill is to be charged. Does he sell his members interest or does he sell the cc

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Submitted: 4 months ago.Category: South Africa Law
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Answered in 1 day by:
3/20/2018
Lawyer: Freddie Lombard, Attorney replied 3 months ago
Freddie Lombard
Freddie Lombard, Attorney
Category: South Africa Law
Satisfied Customers: 2,810
Experience: Practicing attorney and conveyancer with 16 years post article experience.
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Hi I'm Freddie,

Welcome to Just Answer. Thank you for your question. I am reviewing it now and will post a reply here ASAP.

Regards

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Lawyer: Freddie Lombard, Attorney replied 3 months ago

Selling the CC will require the father to transfer the members interest to the son, so, in short, he will be selling this members interest.

I hope this answered your question.

I know it will take an extra minute of your time to rate my service, but if you do not rate it, I do not get paid by the website so I would really appreciate it if you would be so kind as to rate my service positively. Feel free to ask further questions here on this topic at no extra cost if you need more information.

Regards

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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