What is the name of your state?What is the name of your state? PA
My dad is incorporated in Pennsylvania and has 100% ownership of the S-corp stock. There's 250,000 shares. He wants to split up the shares and give me 16% and my brother 16%. How can this be done? Our accountant said all we have to do is enter it into the books and that's it. I think there must be more to it than that. Do we have to file something with the state? Do we have to issue new stock certificates that give me 40,000 shares and my brother 40,000 shares? Do we need to get anything notorized for this?
My dad is incorporated in Pennsylvania and has 100% ownership of the S-corp stock. There's 250,000 shares. He wants to split up the shares and give me 16% and my brother 16%. How can this be done? Our accountant said all we have to do is enter it into the books and that's it. I think there must be more to it than that. Do we have to file something with the state? Do we have to issue new stock certificates that give me 40,000 shares and my brother 40,000 shares? Do we need to get anything notorized for this?