More details to this question:
I own 40% of a profitable business(llc) but due to life circumstances I wish to gift it to my business partner who owns the 60%. Can I legally do this without any money changing hands?
1 ANSWER
Absent any other circumstances (for example, if your transfer of your share of the business for no consideration hindered your creditors from collecting on the debts you owe them, or if somebody held a right of first refusal on your share of the business, or if a contract with whoever is financing the business prohibited any transfer of ownership, etc.), you can give your property to whomever you want. However, depending on how much your share was worth, there might be gift tax consequences.
Answered on Jul 25th, 2014 at 10:02 AM