This is a reminder that I will be on Radio 600AM on Sunday morning (March 25, 2007) from 9:00 AM to 10:30 AM on Sunday (this morning) Vancouver Time. Those outside of Vancouver can listen and even phone in by tuning to www.600am.com
Hi,
Is Gordon Bizar still around?
Have you heard of a technique where one purchases a corporation by having that corporation issue redeemable preferred shares to the “vendors” in exchange for their selling their shares to the “purchaser” for $1 and then having the corporation redeem the preferred shares using working capital or funds loaned in by the purchaser? Seems to me that the proceeds received by the vendor would be taxable and thereby deprive him of the $500,000 exemption on sale of control of a CCPC and that during the transaction the “vendor” would have NO security as against the “purchaser” bleeding the corp. dry and moving on.
How to buy a business with no money and no down payment either!
A friend of mine has been approached with this scheme (or scam) to buy his successful plumbing contracting corp.
Seems a tad risky
for the vendor to me.
Cheers,
XXX
No tyranny is so irksome as petty tyranny: the
officious
demands of policemen, government clerks, and electromechanical gadgets.
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