Selling boat as a Corporation

[mrawle]

Dear Friends:
My boat is a share in a Maine state corporation (simple "business corporation").
My late husband did this 30 years ago as per the Delaware Registry option. https://www.delreg.com/yadv.cfm
(Saved sales tax in our state and same will be true of buyer)

I want to sell her (The corporation).

Any of you done this, and if so, How did you proceed?

Thanks.

-- Molly

[s2sailorlis]

Suggest you consult a tax attorney for this matter. Or figure out a way to dissolve the corporation and sell off the assets...not sure if selling shares constitutes change of ownership. I’m not an accountant or an attorney so free advice possibly of little value.

Good luck.

[Carl Thunberg]

I have some experience with this from the Owner's perspective. Mine is a Maine LLC, so there may be differences. If you read the articles of incorporation, there should be liquidation procedures built into the document to cover exactly this problem. You will still want to consult an attorney to make sure you do it right. For what it's worth, the excise tax in Maine is pretty reasonable for old boats.