Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
In regard to the shares with the S Corporation there are 2,000 listed with the Virginia Sate Corporation Commission. Once we put on paper that I purchase all the shares from my son, and I am now the President and sole owner of all outstanding shares, I see that we can edit online with our next Annual Report filing with the state, the Directors and Principal Officers, and take his name off and place mine on. Is there any other form or place we need to notify the Virginia State Corporation of the sale of the shares to me?
In addition, where, when and how do we notify the IRS, or do we just file as normal and have the end of year Schedule E come to me, to report the income?