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Help with S Corp minutes

(@Anonymous 13658)
New Member

Hello and thanks in advance for any help.
I have started an S Corp and am trying to get my required meeting minutes in order. My first question is simple: I am the sole operator/shareholder of the S Corp. I have no other help. When I have a meeting I am told that I have to appoint a chairman (myself), secretary and perhaps a treasurer. Can I serve as all 3 of these? Since I have no shareholders or partners, who do I use? What possible content can these minutes contain?
I know each year I have to have at least one meeting. Just having trouble figuring out what to put in the minutes.
The S Corp is used for the "pass through" into my personal taxes. No problem, my accountant handles that end for me. I pay quarterly taxes etc.
I could have my wife serve as secretary, but would I then have to pay her or make her a shareholder?
My business is VERY simple with little overhead or expenses. The only reason I went S Corp is on advice of my accountant and it seems little trouble other then figuring out the requirements for these annual meeting minutes. I would like to keep it as simple as the law would allow, but cannot figure out what to write about a meeting you have with yourself!
Thanks, Jeff

Topic starter Posted : 28/02/2009 9:21 pm
New Member

Re: Help with S Corp minutes

For the first part of the year I was paid as a 1099 about 20k to me as personal income. For the second part of the year I had it changed to receive all payments to my s-corp. I was told by an accountant that I can assign the 20k, that was paid to me as personal income, to my business. I was told to do that on a Schedule C form. So I'm filling out the form on TaxCut and I cant get it to appear as a loss, it shows as income and increases my personal income.

On the Line 31 it says "Net Profit/Loss = 20k". But since it is adding an extra 20k to my personal income it is taxing me on that. How do I report it as a loss. I don't think it is correct to show it as a negative number for a loss. But I may be wrong.

Please let me know. thanks
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Posted : 12/06/2009 8:38 am