house in company name . when i die what happens

[yeahbutif]

house in company name . when i die what happens .. if i am the main share holder at 48% and have two others thai persons 26% each I have control on what goes on in my company by the way the company has been set up .so  when i die can i make a will stating that my 48% goes to a nominated thai person, in a WILL . then that person can do what they like with the company ? could they still carry running the company with the same power as i had  ? or would they have to sell the company ? 

[CharlieH]

MOVED to Real Estate

[Liverpool Lou]

On 10/22/2022 at 10:03 AM, yeahbutif said:

when i die can i make a will stating that my 48% goes to a nominated thai person, in a WILL . then that person can do what they like with the company ? could they still carry running the company with the same power as i had  ?

Yes, yes and yes.

[saranlhaw]

Not really sure if the will can help you in this case, since based on this article https://www.expatden.com/thailand/last-will-and-testament/#Shares_in_a_Thai_Company, it's upto the director's board to do it.  And it's usally done by the minutes of meeting and change the shareholder name with the Department of Business Development. 

 

However, for this kind of legal staff, it's best to talk with a lawyer directly to get a precise answer. 

[Longwood50]

Ok you have common stock in the company and that is the voting shares.  The Thai people have preferred stock.  When you die, the stock just like any other asset, bank account, car, jewelry etc. is part of your estate.  

If you die without a will it will be given to your heirs according to the law.  A safer thing to do is to make a will and designate who you want to receive the assets in your estate after your death.  

I am not sure if you die without a will whether it would be Thai law or your home country's law that would govern the distribution to heirs without a will.  However one way or another you will save a huge amount of trouble and expense if you do a will here in Thailand. 

[Lucky Bones]

I don't think you should be worrying about when you are dead.

Just cover your backside while you are alive.????????

[Delight]

 I suspect -inline with a Thai companies controlled by a foreigner -you will own -in your case 48% of the shares and 100% of the voting rights. It is the latter that counts. 

If that were not the case then the other 2 Thai shareholders could out vote you with their combined 52 % of the shares.

Can you will voting rights to another? I have no idea. Specialized help is required by you. You need to know.

The regular way is for the transfer of your 48% and your 100% to a foreign family member. Very easy and very cheap. 

 

If you wish to be certain that your Thai friend has control -then transfer the house to him . Very simple -can be expensive. Then close down the Thai company-expensive. Given that your Thai friend has no involvement with the company -then probably you could ignore the ' close down the Thai company'  part-maybe.