Legal Question in Business Law in Indiana

Changing ownership in S-Corp

My father owns a service-based business in Indiana and I am his son and only employee. He is retiring and I would like to continue the business. He has the company set up as an S-Corp with him and my mom as the only shareholders (50/50). Other than the equipment (computers, furniture, books, etc.) the company doesn't have any assets. Is there some ''easy'' way for the change in ownership to take place (and by easy, I mean can we do this ourselves with a few forms)? I've seen many websites that offer do-it-yourself kits to setup a new s-corp, but can't find any to buy an existing s-corp. It seems like it should be a fairly simple process, however, I could be wrong.

Asked on 3/13/09, 10:08 pm

1 Answer from Attorneys

Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: Changing ownership in S-Corp

You don't want to cut corners on this as doing so can have serious ramifications. Your best bet is to hire an attorney to handle the transfer. It is probably a straightforward transfer and can be easily handled for a miniumum cost.

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Answered on 3/13/09, 11:04 pm

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