Legal Question in Business Law in California
If 2 people own an S-Corp and one owner wants to transfer full ownership to the other and get out of the S-Corp, what is the process for doing so? Does it require court filings?
Asked on 9/23/16, 10:27 am
1 Answer from Attorneys
No. If the corporation is in good standing and proper corporate records have been maintained, the owner who wants out just sells his or her shares to the other owner or transfers them without compensation. This can have tax consequences, though, so you might want to check with a tax accountant before proceeding.
Answered on 9/23/16, 10:30 am
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