Is there a cheap and easy way to sell a California S Corporation?

Question

I am the only shareholder of my California S corp. I am selling my business for cash only and just want to sell all my shares to the new owner. The deal is so small it hardly warrants hiring an attorney even for 1 hour. Should I just write out a simple stock sale? I have no certificate, etc. I just want to create meeting minutes that say I sold all my shares to a new guy. Does this have to be a big ordeal?

Answer 1

I suggest you BOTH consult a business attorney. Share the cost of an hour for him to discuss the issues. There are a myriad of liability and tax issues which could bite you both. There must be filings with the IRS, California Secretary of State, etc. etc.