I have shares in a privately listed company and would like to sell them.?

Question

I think I can find a buyer but does the company need to give permission for me to sell them? (I don't think they would as I think they don't want to start a selloff). It is a C corp based in Florida.

Answer 1

In general, a corporation's permission is not needed for a shareholder to sell his or her stock.

It is very common in privately-held companies for there to be a shareholders' agreement, which - among other things - often does restrict sales of stock (often with a right of first refusal). I suppose you should search your memory and files to make sure that you didn't sign such an agreement.

It is also possible for the bylaws of the corporation to include restrictions on transfer, though exactly what's enforceable will vary a bit depending where the corporation is incorporated. You should find, or get, a copy of the bylaws, and check these also.

Here's the Florida statute on the subject. It's tipped a bit more in favor of transferability than some statutes, which is a good thing for you:

>2007->Ch0607->Section%200627#0607.0627http://www.leg.state.fl.us/Statutes/inde...

Answer 2

You can probably only sell them back to the company unless the company approves the sale to someone else.  The main question should be 'what price'?  You might be unpleasantly surprised at the answer.