Recently filed a company

[Peteris]

We filed a corporation in Wyoming at august. Our intention is that company founders would receive Common Shares however would not pay or pay almost nothing for the shares. Soon investors would come and invest in the company by buying the shares at a high price. I have a few questions:

1) Company does not have any revenue yet. Do we have to file urgently empty tax returns?

2) Do we have to change par value from high value to a very low value and notify the Secretary of State? As company founders we don't want to pay for the shares. What are the tax implications if investors buy shares for a high price and par value is very low?

3) Is it possible to use TurboTax for the above questions? I called the generic number 1-800-4-INTUIT (1-800-446-8848) however I was only able to talk with a robot and it didn't help much...

[Critter-3]

Turbo Tax is a DIY income tax program which cannot supply any legal or business advice.  Seek a local professional income tax attorney or  other tax professional that may be able to help you with your questions.  

[Mike9241]

As company founders we don't want to pay for the shares.  talk to a corporate lawyer because par value has a specific legal requirement in most states. as a matter of fact, since you seek independent investors you should have sought legal advice before you started.  there could be things that must be done before you can sell shares to independent investors. 

[Peteris]

I saw that there was also a "full service" package and was hoping on a guidance and help with tax filling. It isn't possible to get any tax advice from Turbotax and we will  be fullly responsible by fillling the taxes via Turbotax?

I understand that Turbotax can't help with legal advice but I was hoping to ask quations about taxes so we wouldn't pay unnecessary high taxes or just do them wrong. I'm a little bit familiar about tax system in a couple of European countries but USA is very different and I would definitely need an expert advice for tax questions...

[Mike9241]

tax returns are one thing. but you still should confer with a pro when starting a corporation especially since you desire to sell shares to outside investors in the future.  every state has legal requirements before this can be done. this may include audited financial statements. that goes beyond taxes.   

even the question of whether the entity should be a corporation or partnership should be addressed.