Q: Can two seperate corporations owned by the same people merge
A:
The assets and liabilities of two companies can be combined and continue in a one of the two companies. Or they can all be transferred to a new company. Under all circumstances there should be a formal transfer. One of you biggest problems is going to be contracts with third parties to prohibit assignment.
The owners need to do more than just wake up one day and act like the two companies are now the same company. If the two companies are worth continuing, it is worth hiring an attorney to help you do things correctly.
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