Corporate Asset transfer

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I need advise on how to transfer assets (equipment) from one corporation to another.

Both Corporations are owned by the same investor (1 individual) but they are seperate entities. He made some purchases from Corp 1 for items that are being used in the daily operations of Corp 2. He does not have the cash flow in corp 2 right now to pay back corp 1 and dosn't care to do so with cash. He wants to keep both corporation separate from each other

My thinking is to create an account or note payable in corp 2
and create an accounts receivable in corp 1? but am not sure!

Can I get some advise! Thank you
 
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Transfer of Assets Between Related Corporations

The review of the related party asset transfer provisions has led to proposals that modernize the provisions to reflect current corporate restructuring and other related measures.
Beneficial Ownership

Current Treatment:

Regulation 1013 sets out that "wholly-owns" for corporations means the beneficial ownership, whether direct or through one other wholly-owned corporation, of not less than 95 per cent of the total issued and outstanding share capital of the corporation by a person and or by a person and one or more persons of the same family.

Proposed Treatment:

The regulation proposes to expand "wholly-owns" to include direct and indirect beneficial ownership of shares representing at least 95% of the stated capital of all classes and series of shares of the corporation. The expansion to indirect beneficial ownership allows the exemption to be used within the corporate group, providing the 95% beneficial ownership is met.
 

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