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Does an SCorp with a single shareholder require minutes & bylaws?

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A

amandaann

Junior Member
What is the name of your state? CA

I need to know if these need to be drawn up for my s-corp. I am the only shareholder & officer.

Also, my wife (now ex-wife) was originally a member but I have taken over in the divorce. Other than transfering her share to me on the accounting books and adjusting the K-1's this year do I need to file any other forms to show the shareholder change? She is not an officer of the Corp, only me.
 


LdiJ

LdiJ

Senior Member
amandaann said:
What is the name of your state? CA

I need to know if these need to be drawn up for my s-corp. I am the only shareholder & officer.

Also, my wife (now ex-wife) was originally a member but I have taken over in the divorce. Other than transfering her share to me on the accounting books and adjusting the K-1's this year do I need to file any other forms to show the shareholder change? She is not an officer of the Corp, only me.
Click to expand...
You need a document transferring her shares to you.
 
A

abezon

Senior Member
You absolutely need minutes & bylaws. Failure to "observe the corporate formalities" could result in you losing the liability protection of corporate status. If your company got sued, a court could decide it wasn't really an S-corp & your personal assets would be used to satisfy a judgment.
 
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