dominican corp members

[rahim]

When forming a dominican corporation.. it needs 7 members.. do these need to be dominicans? what is there liability? what is a nominee member?

on the question of capitalization:
if the corp has a property of 160K... do we need to fund the corp also for 160K... I'm confused on this point?

Also, in the sale who records the deed the seller or the buyer?

any wisdom would be greatly received.
ddb

[Fabio J. Guzman]

The "nominee" shareholders don't need to be Dominicans. A "nominee" shareholder is a person who is not acting in the company on his/her own behalf but on behalf of another person, called the beneficiary, who is the real owner of the stock.

Regarding capitalization, it would seem logical that if a new corporation buys a house for $160K cash, it should have the funds to pay for the transaction. These funds could come from: a) its own capital or b) a loan from a shareholder or a third party. Therefore, if you don’t want to capitalize the company at $160K then the company should get a loan.

The buyer normally records the deed of sale at the Registry of Title of the jurisdiction where the property is located.

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This will be my last post until the last week in October. I’ll be on vacation until then.