Articles of Inc. how may shares ????

Discussion in 'Lawn Mowing' started by jccordes2, Feb 9, 2005.

  1. jccordes2

    jccordes2 LawnSite Member
    Posts: 124

    Need advice from those who have formed a corporation.
    on one of the line it asks how many shares to Issue.?
    I thought I heard to stay under a 1000 for some reason?

    Also, how does one get the paper work to file as an "S" corp, to file with individual income?

    any advice would be great!

    thanks

    Jeff
     
  2. cleancutccl

    cleancutccl LawnSite Senior Member
    Posts: 698

    You've already got the logo Inc. but you haven't filed the paperwork? Anyway i put down 100000 shares with no par value, and in Kansas you can file at the secretary of states website all electronically. You should just have to file the articles of incorporation paper, but they should have an instruction sheet on exactly what you need to do. Start at that website.
     
  3. jccordes2

    jccordes2 LawnSite Member
    Posts: 124

    I did a name reservation last summer with the state, (reserved the name)
    I havn't used that name yet in business. I plan to this spring.
    any knowledge on how to form a "S" corp?

    thanks
     
  4. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    I read someplace 100 should be your minimum.
     
  5. shorty7616

    shorty7616 LawnSite Member
    Posts: 230

    The shares shouldn't really matter, and generally you need a par value of .01. In terms of the S-corporation, I believe that is for Tax purposes, and not liability.
    So you would have to go through the IRS.
     
  6. eshreve1234

    eshreve1234 LawnSite Member
    Posts: 184

    Do the maximum allowed with no extra charge. This varies from state to state, I cant remember for sure but I think OH is 1,500 shares. By doing the maximum now you can sell part of your company later without having to file for more shares with the state. I used par value of $1, and carry $1,500 as stock on the balance sheet.

    As for the Scorp, after you file with your state the IRS will send you a letter with the proper form. The form number is 2553, you can download it and instructions on irs.gov.
     
  7. marko

    marko LawnSite Senior Member
    Posts: 963

    My attorney did 1000 shares no par value. This was in Illinois
     
  8. cleancutccl

    cleancutccl LawnSite Senior Member
    Posts: 698

    shares with value or no value depend on how your business is formed, it really makes no difference either way.
     
  9. beck

    beck LawnSite Senior Member
    Posts: 433

    Here is the form. and I only have 100 shares
     

    Attached Files:

  10. The Captain

    The Captain LawnSite Senior Member
    Posts: 607

    I was a partner in a retail florist shop in the mid 80's, incorporated as Sub "S" (in Illinois) by our attorney, with 100 shares. Do not split share ownership 50-50. Do have either 1 or 3 (any odd #) stockholders to eliminate deadlocks.

    Jim
     

Share This Page