We own our own business (General Contractor) and are a S-Corp. The officers were my husband (CEO), brother in law (VP), and I am secretary/treasurer. My brother in law is moving and is not going to be a part of our business anymore, does anyone know what forms I need to file for this? Our tax guy filed a "Statement of Information" with the Sec. of State, but I feel like I should be filing something more, like showing the new %'s of shares?
2007-02-09 14:30:46 · 2 answers · asked by prettyinpink 2 in Business & Finance ➔ Corporations
The only form you need is the one to the state to notify them.
The IRS doesn't need to know this information. The new % of shares will be reported on your tax return by giving each shareholder a K-1 for the percent and time they owned shares.
2007-02-10 03:57:36 · answer #1 · answered by Nusha 5 · 0⤊ 0⤋
P IN P,
You need to hold a board meeting, make a resolution to change the officers, vote to approve it, and document in the minutes and with a corporate resolution.
Then check with Secretary of State and file the form required to change the officers. In my state that filing costs $20 or so.
Good Luck,
Dana B.
www.thebarfieldgroup.com
2007-02-09 22:52:23 · answer #2 · answered by planningresult 4 · 1⤊ 0⤋