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Adding partner to S Corporation

Asked by: Sebastian - 2 June, 2011
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 I own a S Corportaion in New York. I want to add a partner. What steps must I take to accomplish this?
Answered by: Ray Albert - 4 June, 2011
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/194.jpg-630c771619e92bede7e6f696b56767b9 Sebastian,

With corporations in New York when you add or remove shareholders you would only need to amend your current bylaws. If its an S-Corporation you would also need to submit a new form 2553 ("S-Corporation Election") to the IRS.

Unless your Articles of Incorporation specifically list shareholders there is no need to file Articles of Amendment with the state. 

I hope this answer offers you some assistance to your needs.

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