You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. This document is sometimes referred to as the charter.Processing time for a paper registration application is four to six weeks. My office provides this guide to assist you in the process of forming your own Limited Liability. A registered agent is an individual or corporation who agrees to accept legal papers on behalf of your company. Personal service corporations and closely held corporations use Form 8810 to figure the amount of any passive activity loss. Many personal service corporations have buyin and buyout structures that have a predetermined price for shareholders buying in and out. âś“ Learn how businesses are affected. Personal service corporations and closely held corporations use Form 8810 to figure the amount of any passive activity loss. If the directors haven't been named in the articles of incorporation, then the shareholders should hold a meeting to elect the directors.