How to switch from Sole Proprietor to Corporation
Asked Feb 8, 2008, 05:20 PM
I have a five year old audio visual service and equipment rental business which I started in 2002. A tax professional I'm considering using this year suggested that I change from being a sole proprietor to a corporation in order to take advantage of the benefits of being an s corporation. I have established bank, credit and merchant processing accounts as a sole proprietor. My question is this. Do I have to start from scratch with a new business name and EIN # and open new accounts after I register with the state as a corporation? Is this my only option or are there others? Thanks for your suggestions.