zero shares = zero ownership, so I guess the S-Corp will have to pay tax on all it's income.
I know this seems simplistic, but ...
If they have units use those.
Otherwise make it up.
For a small number of owners I will say there are 100 shares. 50% owners A & B each own 50.
Thanks sjrcpa. That is pretty much what I decided to do. I found an article by a cpa firm that said the same kind of thing but I always feel better with a second confirmation!
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