Can company switch from stock to non-stock?
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wilburt
Apprentice
Joined: 17 Dec 2007
Posts: 9
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 Posted: 06/12/08 - 08:00 Post subject: |
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| I have planned to start a business and it is non-stock. I will be mostly in trading and I seek to assure the best possible position. I would like to know can company switch from stock to non-stock. If anyone could help me that matter, it would be great. Thanks in advance. It really means a lot. |
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alvy
Apprentice
Joined: 09 Apr 2005
Posts: 4
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| Posted: 07/12/08 - 01:22 Post subject: |
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| Nonprofit has a lot of restrictions. You pay your workers, but you are tax exempt from any profit. The key thing comes now, virtually every nonprofit company is non-stock, as well. Vice versa also stands. The main key feature regarding stocks is that no person, although might have votes, owns any stocks. Now, the main reason for forming it is lack of need for tax registering and paying, i.e. tax exemption. The changing to such state from stock company is always possible. Fee you need to pay for that is covering status change, and the sum to be paid is around several hundred dollars, no more. Renewing the status is even less than that (50$). |
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