QUESTION on How to Incorporate With Same Company Name in Another State Can I get to incorporate or form a corporation using my company name in another state if someone else in that state has the same company name? - Jessie Pope, OK ANSWER Dear Jessie: The short answer is "yes, no problem." Now for the long answer Just to be clear, I believe what … [Read more...] about How to Incorporate With Same Company Name in Another State
Corporation
How to Add an Officer to an S Corporation
QUESTION on How to Add an Officer to an S Corporation My brother in law has a new S Corporation and he wishes to add his brother as a officer. How can he add an officer to an S Corporation? - Lynda (New Jersey) ANSWER Dear Lynda: The process of adding an officer to a corporation is one of those "formalities" I often talk about with respect to … [Read more...] about How to Add an Officer to an S Corporation
How to Remove a Partner from a C Corporation
QUESTION on How to Remove a Partner from a C Corporation What are the steps and procedures to removing a partner from a C Corporation. This partner is both an officer and a shareholder. Thanks – Dameon, MA ANSWER by Chrissie Mould Dear Dameon: As I am sure you know, a corporation is made up of shareholders, directors and officers. A corporation does … [Read more...] about How to Remove a Partner from a C Corporation
How to Remove a Partner in an S Corporation Business
QUESTION on How to Remove a Partner in an S-Corporation I have an S corp (with 2 original incorporators). I want to "buy out" or actually remove 1 of the incorporators and keep the business. Do I file "Restated Articles of Incorporation"? Thanks – Deanna H. (Michigan) ANSWER by Chrissie Mould Dear Deanna: Let's be careful not to mix apples with … [Read more...] about How to Remove a Partner in an S Corporation Business
How to Use a Self-Directed IRA for Business Investing
QUESTION ON Using A Self-Directed IRA to Invest in Business Hello. I have a small business that I would like to invest additional monies in. One of the sources is a simple IRA being managed by my financial institution. I was advised that I could set up a self-directed IRA to invest that money in the business. As an S-Corp, would that be possible? And how would I go about … [Read more...] about How to Use a Self-Directed IRA for Business Investing
How a Corporation Can Elect to be an S Corporation
QUESTION ON How a Corporation Can Elect to be an S Corporation I requested my EIN as a personal services corporation and want to change it to an S-Corporation. How do I do elect to be an S Corporation? - Linda Dixon, FL ANSWER Dear Linda: Let's discuss corporate taxation for a moment. A regular corporation (or "C corporation") is an entity that is taxed … [Read more...] about How a Corporation Can Elect to be an S Corporation
How to Transfer a Company’s Contractors License to Another Company
QUESTION ON How to Transfer a Company's Contractors License to Another Company My question has to do with a corporation using the general contractors license of someone and that person not having to be involved with the everyday operations such as pulling permits etc. Also, what percentage of the company would he need to own or what % of the shares ? Any information would … [Read more...] about How to Transfer a Company’s Contractors License to Another Company
How to Reduce Capital Gains Tax of a C Corporation
QUESTION on How to Reduce Capital Gains Tax of a C Corporation I own a small C corporation and am in the process of selling a plot of land, However since I am a C corporation I will be getting taxed almost 35% is there anything I can do to avoid getting taxed such a high rate? – John Hapner, FL. ANSWER by Chrissie Mould Dear John: I always recommend … [Read more...] about How to Reduce Capital Gains Tax of a C Corporation
How to Add a Partner to an S Corporation
QUESTION on How to Add a Partner to an S Corporation I just established an S-Corp and want to add someone as an equal partner/shareholder. At setup, I bought 1000 shares of the 5000. Do I just sell him 1000 shares and make him my Vice President or CTO? Thanks - Anthony Randazzo, MD ANSWER Dear Anthony: You generally have the right idea. Just remember … [Read more...] about How to Add a Partner to an S Corporation
Converting from a Corporation to Sole Proprietorship
QUESTION ON How to Convert a Corporation to Sole Proprietorship Hi! I had recently purchased a small business which was structured as a Corporation by the previous owner. I have determined that it would be more beneficial for myself and the business if I change the structure to a Sole Proprietorship but I have no idea what I'll have to do to get that done or where I'll have … [Read more...] about Converting from a Corporation to Sole Proprietorship
