USA Corporation accounting - need to track each shareholder?


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Hi,

I just started doing the books for a Delaware registered corporation and have a question regarding accounting for shareholders. I do several small, local S-corps but this is my first C-corp.

1) When accounting for capital contributions, do I need to keep track of each individual shareholder's contribution, as you do for an S-corp, or do I just take the amount to Capital?

2) Do I issue shareholders K-1's?

Any further clarification along these lines would be greatly appreciated.
 
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smallbushelp

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Hi brown, what type of formal education or training do you have? I don't want to sound mean but if you're going to be doing the books for a C corp you should know that they don't issue K-1's. Also, you should know that C corps don't account for individual shareholders. The corporation is only concerned about how many shares it has sold and what portion of the cash received, if any, is additional paid-in-capital. However, if it is a small or closely help corporation, you may want to keep track of shares owned by each individual in a spreadsheet.
 

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