Rochester, NY asked in Business Formation and Mergers & Acquisitions for New York

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?

1 Lawyer Answer
Michael David Siegel
Michael David Siegel
  • New York, NY
  • Licensed in New York

A: I would just start over. I am not sure what you would be merging. What assets are you talking about?

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