A friend of mind owning a company is thinking about creating asset in Bitshares X. The company will sell its shares in BTC.
In this case we have a couple questions.
1. How to distribute asset to investors (Get a memo of their BTSX name and issue to them?)
2. If the company makes annual profit, how can we share with asset-holders?
Right now as far as I know you cannot have legal contracts on the blockchain. Tell your friend that in order to issue securities he has to issue them in the real world, then treat the asset/tokens as IOUs on the Bitshares blockchain. When people want to cash them out into legal securities then there has to be a Ripple/Stellar Gateway which acts as stock broker. The Gateway would purchase the legal stock on behalf of the owner of the IOU and then transfer ownership basically like a stock broker.
The reason we aren't doing this yet is because no one has set up the Gateway or financial institution to make it possible to turn IOUs into real stock. Really though it's no different than saying whoever has the paper coupon is owed the legal security and they would have to redeem that through the Gateway.
Don't take this as legal advice but as technical advice. The best I think he can do is issue a market pegged asset on the Bitshares chain which tracks the buying power of his real life stock. There would be no dividends as it would at best just be a simulation of the buying power but it would allow us to trade something which acts like the stock prior to the ability to redeem it for a real security.
There is no guarantee he would redeem these IOUs, no legal promises, nothing like that. When crowd funding becomes legal or when there is an institution set up then he can redeem.