File an annual report for a Corporation, Not-for-Profit, or Limited Liability Company online. Incorporate a business or terminate an LLC.Issued shares are shares that have been subscribed and paid for. What are Shares of Stock and how are they used? An S corporation can be authorized to issue 50,000 shares, but the boards of directors can decide to give out 10,000 shares instead of 50,000. You'll need to register your business with the state, prepare internal corporate documents, appoint company directors, and issue stock. Every state demands that you supply three basic facts about your business: its corporate name, its registered agent and the number of authorized shares. I will need to make some assumptions, and offer some comments, on the way to providing a direct answer that reflects compliance with applicable law. In Illinois, majority shareholders in a closely held corporation owe fiduciary duties to minority shareholders. Squeezed-out shareholders have remedies in Illinois.