Trnr395 Posted March 13, 2012 Report Share Posted March 13, 2012 I have an S Corp that is purchasing a new business. He wants to keep everything separated between the two businesses. Can he keep two separate sets of books and then when he files his tax return do you combine them both and file it under his regular S corp. Never done anything like this just simple S Corps and single owners. Thanks Quote Link to comment Share on other sites More sharing options...
jainen Posted March 13, 2012 Report Share Posted March 13, 2012 >>purchasing a new business<< What sort of business? If it is a disregarded entity (e.g., LLC or sole prop), it can't be get separate. If it is a C-corp, generally it MUST be separate. If it is an S-corp, do more research. Also check whether the acquisition should terminate the S election, intentionally or not. Quote Link to comment Share on other sites More sharing options...
Trnr395 Posted March 13, 2012 Author Report Share Posted March 13, 2012 actually Jainen, they run a gas station and at one time there was another gas station in town that closed. The owner of the S Corp is purchasing the building and starting another shop there. Quote Link to comment Share on other sites More sharing options...
jainen Posted March 13, 2012 Report Share Posted March 13, 2012 >>an S Corp that is purchasing a new business.... The owner of the S Corp is purchasing the building and starting another shop<< Let us know when he gets his story straight. Quote Link to comment Share on other sites More sharing options...
Trnr395 Posted March 13, 2012 Author Report Share Posted March 13, 2012 Actually I am pretty sure he is purchasing it all in his name not the corporation which answers my question but I will double check. Quote Link to comment Share on other sites More sharing options...
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