I have a 3 location yoga business operating as a LLC. Owner is converting to a C-corp and have investors receiving percentages of the C-corp. Is the final balance sheet of the LLC the beginning account balances for the C-corp?
Accounting for an LLC convert into a C Corp
Answers
Yes. This is not like a business acquisition where you have to revalue assets. The company is simply forfeiting its S corp status for
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Accounting