Ask Experts Questions for FREE Help !
Ask
    username2's Avatar
    username2 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    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
    Expert
    		  
    #2

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Joining the Peace Corps [ 24 Answers ]

So I have been thinking about joining the peace corps for awhile now, but I just don't know where to start. I have done some research about it already, but basically what all do you do? I want to make a difference in this world somehow and I think this will be the perfect opportunity, but there is...

This corps towed away my car by driving it. [ 9 Answers ]

I have this unregister car that I just bought at the auction with export license, just trying to fix something in it and the mechanic parked the car in front of their shop in NY ( I mean on the street) this corps driving by and said he's going to tow the car away because its not register and they...

Veterinary Corps in the Army? [ 2 Answers ]

Hello, my name is alannah I'm 17 and I'm interested in joining the Army for the Veterinary Corps. I'm currently in high school as a senior but I also take a vet tech science class at a tech program which I have been in for two years now. I was wondering if there was anyone out there who is...

Peace Corps [ 3 Answers ]

I've thought a lot about the Peace Corps as my "after high school plan" instead of going to college (well not completely I want to go after I come back) but it seems like everyone in my area is shoving the idea down all my peers' throats that they have to go to college after high school. I've...

View more questions Search