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How do I provide a shareholders list when some shares are held by another company or Trust?
In the situation where one of the shareholders of the company is another legal entity, Truly Financial requires you to list all the persons who are the ultimate controlling party either via shares they hold directly, or stake in the company via shares held by another legal entity.
For example, if Acme Inc is applying for a Truly Financial account, and Baron Inc holds 50% in Acme, there can be a few scenarios:
Scenario 1: Jack holds 20% in Baron. So this means John controls 10% of Acme (since Baron owns 50% of Acme). Since Jack’s indirect interest in Acme is below 25%, his name is not needed while applying.
Scenario 2: Jill holds 60% of Baron Inc which means she controls 30% of Acme via the 50% that is owned by Baron. In this case, Jill is required to be mentioned as a controlling party in Acme’s application for Truly Financial, stating that she controls 30% of the shares in Acme.