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    KILALA's Avatar
    KILALA Posts: 14, Reputation: 1
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    #1

    Apr 17, 2011, 01:25 PM
    Form new LLC or take over S-corp
    I am buying the restaurant business. The restaurant has been 10 years and owner is retiring.

    They have S-corp.

    Can I just change the ownership name and take over S-corp?
    Since they have been business for 10 years and establish the credit.

    Or should I form the new entity to start the business?
    In that case, I will form LLC.

    The reason I am interested in take over their compay that I can say the company has been business for 10 years.
    Darbydyar's Avatar
    Darbydyar Posts: 1, Reputation: 2
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    #2

    Apr 28, 2011, 11:39 PM
    Hello Kilala,

    When you form a corporation, it has a documented number of years before that business expires, usually 50 years or over. When that expires, you can shift to LLC. But as of the moment, I think you can't do anything about it.

    Darbydyar


    visit: <a href="http://www.corpnet.com/incorporate/"><b>Incorporate a business</b></a>
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