Do I need another corporation? - Posted by Deepa

Posted by JHyre in Ohio on September 09, 2001 at 10:41:39:

Depends in part upon the tax history of the old corporation (accumulated losses, etc.). Also assumes that C-corp, as opposed to S-corp is right for RE business. C can be converted to S, but that is not always is a good idea with old C-corps- the accounting for and after such a conversion can be expensive enough to justify formation of a new corp altogether. The longer the consulting business ran, the more likely that it would be cheaper to set up new corp instead of paying accountants and tax advidsors to cleanse and convert the old one. If you use the old corp, check your original articles of incorporation to see if corporate purpose, etc. need to be amended.

John Hyre

Do I need another corporation? - Posted by Deepa

Posted by Deepa on September 08, 2001 at 20:50:05:

I still have inactive C corporation for software consulting business which I use to do before I took a job with e-business company and got laid off! I am wondering if I can use my corporation to buy/sell real estate or I need to open a new corporation for real estate business.

Or can I just begin by choosing a business name and start as a sole propritor?

Deepa, TX