So I have a small S-Corp incorporated in New York State. The company really hasn't made any money, and is currently only used to hold a piece of IP. Both the President and I (the Vice President) own all the stock in the company.The president of the company wants to leave for tax reasons, and I want to keep it open and use the company for something entirely different.
What's the best way for the president to make an exit? Can he just submit a letter of resignation and give his shares back? And how is his exit recorded with the tax department?
(And yes, yes, I know this is just a website and I shouldn't be taking business/legal advice from random strangers).