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Alex Esquire
Alex Esquire, Attorney
Category: Business Law
Satisfied Customers: 12680
Experience:  Experienced Licensed Attorney
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What is the procedure and what forms are involved in the process

Resolved Question:

What is the procedure and what forms are involved in the process of allocating shares to myself or others. For example, how do I allocate to myself the initially allotted to the company 200 shares?
Submitted: 3 years ago.
Category: Business Law
Expert:  Alex Esquire replied 3 years ago.
Hello. My name is XXXXX XXXXX X will be happy to answer your question.

Are you initially putting all the shares in your name?
Customer: replied 3 years ago.
Hello Alex. My name isXXXXX yes, I just incorporated and I am the only one, so I am putting all 200 shares in my name, and that's what I indicated on 2553 form for an S-corp.
Expert:  Alex Esquire replied 3 years ago.
Generally you would simply put your name on the stock certificate and would issue the amount of shares that are authorized to yourself.

If you decide to sell or transfer shares later, I would suggest that you have a local business attorney help you draft a Shareholder's Agreement.



Bonus and positive feedback are always greatly appreciated

Customer: replied 3 years ago.

How do I issue a stock certificate to myself? Do I have to notify IRS or state government?

Expert:  Alex Esquire replied 3 years ago.
This is a private corporation, correct?
Customer: replied 3 years ago.
Yes, it is.
Expert:  Alex Esquire replied 3 years ago.
Generally you would hold your initial company meeting at which you would:

1) Distribute corporate shares

2) Appoint the Board of Directors

Make sure you keep the minutes of every meeting.

There is no requirement to report this distribution to IRS or any other government entity.



Bonus and positive feedback are always greatly appreciated

Customer: replied 3 years ago.

Do I still need to fill the stock certificate, and if so is there a form or a certain standard?

 

Could you please provide a sample of such minutes.

Expert:  Alex Esquire replied 3 years ago.
Generally you would fill in your name and affix a corporate seal.

We are prohibited from drafting or reviewing any legal documents for JustAnswer.com customers, but you can find many online websites that sell corporate kits that include corporate minuted and will have samples of them posted on their websites.


Bonus and positive feedback are always greatly appreciated

Customer: replied 3 years ago.

Not sure I understand about the stock certificate. What document or template do I fill my name in? Where do I get a corporate seal?

 

Sorry for so many questions, I've never done it before.

Expert:  Alex Esquire replied 3 years ago.
It's ok. I understand.

Do you have a corporate kit for your corporation?
Customer: replied 3 years ago.
Not yet.
Expert:  Alex Esquire replied 3 years ago.
You will need to order a corporate kit.

Here is the website which I personally use for corporate needs:

www.blumberg.com

You can order a full corporate kit that will include all the forms and actual stock certificates for your corporation.



Bonus and positive feedback are always greatly appreciated

Alex Esquire, Attorney
Category: Business Law
Satisfied Customers: 12680
Experience: Experienced Licensed Attorney
Alex Esquire and 6 other Business Law Specialists are ready to help you

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