company "fake" shareholders

[drevo32]

Hello, I'm incorporating a company and the lawyer told me about the 7 shareholders requirement, I understand the way of protect against those shareholder is:

1- issue the shares to the bearer
2- the fake shareholders have 1 share
3- they sign a document stating they have no right over they shares in the corporation
4-they sign a document assigning the share to the true owners

please where I can get a model in spanish of the documents 3 and 4 to be signed by the fake shareholders? would like to check if all is ok

many thanks!

[HOWMAR]

And you are paying a lawyer to do what?????

[POP Bad Boy]

you DON'T need any DOMINICAN shareholders..............SO WHY WOULD YOU EVEN THINK OF IT................

Use all members of your family and friends etc..............

[Robert]

It's very common here for reputable law firms to set up a company using lawyers within the firm as shareholders. We did it, 1000's of companies have done it. If you want friends and family as shareholders, use them.

[Lambada]

We did this as long ago as 1994 when we bought our first house in Puerto Plata and put it on a private corporation. It was a reputable law firm and the one share they each had immediately reverted to us; there never was any problem. But if the law has changed as POP Bad Boy has posted, did your lawyer not discuss this with you?

[Conchman]

Originally Posted by HOWMAR

And you are paying a lawyer to do what?????

sounds like he does not trust his lawyer, and these days can you blame him?

[drevo32]

thanks, I know there is no need for dominican shareholders. Apart from that, yes I'm paying a lawyer, but as Conchman said, this not a matter of trust, just checking cause I don't want problems in the future. Paranoid? read the forums.

I'm only asking that if anyone that has incorportated a company in this way could tell the contents of the 3 and 4 docs in spanish, it will help everyone setting up a company to avoid being scammed.

[planner]

One of the reasons for using lawyers and employees of the firm is to make it easy. As I understand it you need each persons signatures for incorporation and transfer of shares etc in the future. If your friends and family are here then make them shareholders. If not it might make things difficult.

Most law firms do the same thing. It is common but get the documents ahead of time if it makes you feel better. Ask your lawyer for them. If they won't supply them - change law firms.

[Robert]

Originally Posted by planner

If your friends and family are here then make them shareholders. If not it might make things difficult.

And this is one of the reasons to use the law firm employees as shareholders.

We ourselves have had a problem in the past due to putting a friend down as a share holder for a company we had.

[drevo32]

thanks for the responses