"johnmolinda[at]yahoo.com" <johnmolinda[at]yahoo.com> wrote:

- quote -

In part it depends on the laws of the state the business is
located or incorporated in. Assuming it's not a publically
traded company, you probably have to satisfy securities laws
or qualify for an exemption from them to transfer title to
the shares.

In terms of licenses, some of them are likely based on the
officers of the company. So any change in ownership of the
company could require applying for and receiving
authorization for amendments in the license application.

You really need to check with a local business lawyer to
determine exactly what you need to do under your particular
circumstances.

Stu

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I own a business that is structured as a corporation with
s-corp status with the IRS. A private party wants to buy
the business. Now of course he can just buy the assets of
my corp and form his own corp but doesn't want to because
off all the licenses and bank accts we have. It would be a
paperwork nightmare.

So basically I want to sell him my shares in the
corporation. That way he can just walk in and take over.

My questions are:

1. How exactly do you sell the shares you own (I own 100%)?
What document proves they are xfered to the buyer?

2. The corp has s-corp status with the IRS. Profits from the
corp are automatically tagged to my personal income. How is
this changed so the IRS sees the new owner of the corp?

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >