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?
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?
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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