USA C-Corp accounting - Do I need to track contributions from each individual investor?

[brownbr]

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.

 

[kirby]

1. No need to have an acct for each shareholder. When you receive cash for the stock, you do need to record an entry. You do need to keep a listing of the stock transaction, the owner, date of transaction and class of stock. If you are a large company you should get a service to help you as you will have to send out proxies, annual reports, etc.
2. No, K-1 is a partnership tax form.