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    username2 Posts: 1, Reputation: 1
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    Oct 25, 2013, 09:22 AM
    we own 2 S corps and buying another
    I have an "S" corp, my business partner has an "S" corp. We are buying another "S" corp (50/50) is that allowed? Same situation except we are buying a LLC. Is that allowed?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977

    Oct 25, 2013, 02:34 PM
    Are both of you, individually buying it? Sure, that's allowed. But if your partnership is buying it, no: I don't believe anything but a natural person can own a corporation if a subchapter "S" election is desired.

    And yes, I see no reason why the both of you individually, or the partnership, cannot own the LLC. But you should check your state's LLC statute to be sure.

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