Q: Created an S-corp last year in NYS when I should have created a professional corporation. Can I acquire the original?
Last year I created an S-corp in NY after the suggestion for tax purposes by an accountant. What I didn't realize was that I needed to be a professional corporation first, and then elect S-corp status because I am a licensed therapist. I have income, bank/credit accounts, and a loan under the original S-corp. If I create a new professional corporation and elect s-corp status, can I acquire the old company to move these assets over to the new company? Or am I not able to merge/acquire if they are not both professional corporations?
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