How To Give Shares To A Spouse

My husband has formed an LLC in which he is ‘sole owner’. He wants to give me ’49’ shares of the 100 shares. We live in Ohio. Can we do this ourselves or do we need an attorney? Is there papers we need to provide to someone or is just simply type up a doc saying he is granting me 49 shares?

– Wendy, Ohio

Answer

When it comes to money or the law, you should put everything in writing, even if the transactions are “between friends” or even spouses.

NO ORAL AGREEMENTS!

Excuse me for shouting, but I see people who are otherwise very sophisticated (like doctors), entering into transactions for hundreds of thousands of dollars with nothing more than a verbal agreement.

Then they complain when there is a dispute, and it costs a fortune in legal fees to untangle the “he said, she said” without the help of a written document.

Please don’t be one of those 🙂

These transactions don’t just affect you, they also affect creditors and governmental authorities–so even if you “trust” your friends, relatives, spouse, it needs to be in writing.

A simple written document (prepared by yourself) transferring shares would likely suffice.

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