Merging 2 small businesses; same owner

[anteros]

What is the name of your state (only U.S. law)? California

My partner and I have a S-corp small business (the two of us). We were also partners (7 in total) in another LLC business in the state of Washington. All the other partners in that business have now resigned and we are the only ones left. We'd like to just put the Washington business under our current business so that we'd just have one company (an S corp) for tax purposes, based in California, but still operate the two under their respective names and web sites.

Since we are the owners of both and there are no others, is it simply a matter of making the change in Quickbooks and moving the WA business to California under one Tax ID? The businesses don't generate much income so hiring an attorney is not feasible for us. Any help is appreciated. Thanks!What is the name of your state (only U.S. law)?

 

[HappyWanderer]

No, you can't just start a new set of books. Doing the "merger" incorrectly can be a taxable transaction. The easy way, which could at least be partially taxable, is to disburse everything and then start a new business. Otherwise, I suggest an attorney or a CPA or a review of the appropriate law summarized in flowcharts at:

International Tax Attorney, Lawyer, Tax Consultant, Tax Advisor -- Andrew Mitchel LLC, Connecticut