Do all s corps require you to have shares, board of directors and annual meetings. I work for a very small software development firm (right passed a start-up, we actually have good stable income) and my boss says we have an S-Corp structure. Since he is the only one in charge and we are so small I have concerns about what would happen if he were to die, who would take over and what would happen. I am only an employee (Chief Technology Officer) and have put a lot of effort into this business with the promises of it paying off one day. As an employee can I have shares in this company and some sort of job security in case this happens? Is there any kind of s corp that does not have shares and a board of directors?
For an S corp, I believe (and this hasn't been fact checked) that it can be a single person, and any board meetings can be with yourself. The owner may have outside investors that have shares in the company, so that would also be a factor. If he were to die, then I would expect the company to be treated as any other asset in the will absent any explicit directives in the articles of incorporation.
If you're the CTO, you're not "only an employee" (though that may be the case in a legal sense). If you want to take a more active role, then talk to the owner. Ask him if he's open to you investing in the company (buying shares, don't expect something like this to be given for free). And if he's open to it, then ask to review the articles of incorporation, ask what the succession policy is along with the exit policy for any other major share holders, ask about other investors, if he has a board, etc, as part of your due diligence.