How to Start a Family Corporation to Transfer a Parent's Assets
- 1). Obtain an articles of incorporation form from the secretary of state's office. You access this form either from the agency's brick-and-mortar office or from its Internet website. You can also elect to have an attorney draft articles of incorporation for your use as well. However, for the purposes of establishing a family corporation, using the standard version from the secretary of state's office likely will suffice.
- 2). Complete the articles of incorporation. The form itself is not complex. You need only provide basic information about the corporation, including the names of directors and its principal business location. You also include how many shares the corporation is authorized to issue. These are the shares that will be distributed to family members to grant them an ownership interest in the corporation.
- 3). Designate a president and a secretary in your articles of incorporation. You can list other officers as well. However, a president and a secretary are required by law.
- 4). File the articles of incorporation with the secretary of state.
- 5). Pay the filing fee associated with the filing. The filing fee varies from state to state. In most states you do save money on the fee by filing over the Internet.
- 6). Obtain stock certificates. You can find these blank documents from nearly any office supply store.
- 7). Fill out stock certificates, listing the names of each person to receive stock and the number of shares to each individual.