Corporate Law California S Corp 50% owner buyout

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jackk

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I have a California S corp. The other 50% owner wants out. An accountant told me I had to close the corporation and restart without him since he is a 50% owner. If he is agreeable and wants to leave, what can I do to release him and either replace him or continue as the 100% owner? Is the only opetion to close the corporation to remove a 50% owner in california?

Thank you.
 
jackk said:
I have a California S corp. The other 50% owner wants out. An accountant told me I had to close the corporation and restart without him since he is a 50% owner. If he is agreeable and wants to leave, what can I do to release him and either replace him or continue as the 100% owner? Is the only opetion to close the corporation to remove a 50% owner in california?

Thank you.
Click to expand...

Not true. You could buy his 50% of the stock and then you'd own the whole corporation.

However, it may be advantageous to you NOT to sell out the stock and dissolve the corporation.

You need a good tax cpa to help you figure out which is the best way to go.

It's all about taxes....:yes:
 
seniorjudge said:
Not true. You could buy his 50% of the stock and then you'd own the whole corporation.

However, it may be advantageous to you NOT to sell out the stock and dissolve the corporation.

You need a good tax cpa to help you figure out which is the best way to go.

It's all about taxes....:yes:
Click to expand...
The corporation is only 1 year old and has no assets or debts. How do I go about buying his stock and removing him from the state and federal filings? Is there a resource where I can get this information?

Thank you.
 
How do I go about buying his stock, and removing him from the federal and state filings? Is there a resource for this information so I can do it myself?

Thank you.
 
How do I go about buying his stock, and removing him from the state and federal filings? Is there a resource I can find the information to accomplish this myself?

Thank you.
 
seniorjudge said:
Not true. You could buy his 50% of the stock and then you'd own the whole corporation.

However, it may be advantageous to you NOT to sell out the stock and dissolve the corporation.

You need a good tax cpa to help you figure out which is the best way to go.

It's all about taxes....:yes:
Click to expand...
How do I go about buying his stock, and removing him from the state and federal filings? Is there a resource I can use to find out how to accomplish this myself?

Thank You.
 
How do I go about buying his stock, and removing him from the state and federal filings? Is there a resource I can use to find out how to accomplish this myself?

Thank You.
 
California S corp 50% buyout

This is the 5th or 6th time I have posted a reply and it doesnt stick. That is why I created a new thread.

Here is my question:
How do I go about buying his stock, and removing him from the state and federal filings? Is there a resource I can use to find out how to accomplish this myself?

Thank You.
 
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