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Home   Help for Accountants  
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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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debhowardgreenleaf
debhowardgreenleaf
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debhowardgreenleaf
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07/11/08 10:57am PDT

Merger or Acquisition?

I have a new client, a lovely gentleman with two businesses. Business A is an LLC (taxed as sole prop) and is very small. Business B is a sole proprietorship with 25+ employees and significant revenues. On the advice of his attorney, he has just merged the two companies under the LLC and its EIN.Did he just sell his sole proprietorship to the LLC and, if so, how do I put a sale price on it? Just assets less liabilities? Does the fact that the LLC is taxed as a sole proprietorship make it NOT a sale? Just having trouble getting my brain around this .... Any suggestions?Deb Howard Greenleaf, EAAdvanced Certified QuickBooks ProAdvisorCertified QuickBooks POS ProAdvisor

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allyphoe
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07/11/08 11:11am PDT
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A disregarded entity plus a disregarded entity is still a disregarded entity. No tax consequence at all. If you'd used two Sch C's before, you've likely got one now. If separate books are maintained, they should be consolidated (and any intercompany transactions backed out) for the tax return.

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