A legal owner is a person who holds the legal title under his name, whereas a beneficial owner is a person who enjoys the benefits of ownership. The procedure may set forth: 1.The types of nominees to which it applies. 2. Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners. The third step to complete a BOI report is to fill out and file the report. To REMOVE a shareholder - list the name only of the shareholder being removed and check "Remove shareholder.". If the amended return making the PTE election is accepted, each partner or shareholder that does not opt out of the PTE election must file an amended individual. Here's how to transfer ownership within an S-corp: In Arizona, you also have the option of not actually issuing any of the authorized shares. Next, click on Change People or Amend Articles to find the online filing for Articles of Amendment.