If you have a trucking corporation and own 100%in shares can you sell your shares to someone to get out of it?

Question

If you have a trucking corporation and own 100%in shares can you sell your shares to someone to get out of it?

Answer 1

Yes, however, the transfer of bank accounts requires a little more paperwork.  Deeds, trusts, and titles also require more paperwork.  The actual sale of a business, however, can be accomplished easily by signing over the shares (certificates) to the new owner.  Transfer of ownership of assets requires more paperwork.  Debts are the same way, if your name is on the loan or account in addition to the company name, there is more paperwork to transfer.

I would suggest getting a lawyer familiar with business sales to advise you on the details, you don't want to give your assets to somebody else and then find that you still owe for the debts.  Or the new owner is slow in transferring titles and a truck plows into a school bus killing a dozen kids, and you end up being liable for the damages.