Converting sole proprietorship to s corp

[rich]

I have a client DBA who wants to be setup as S corp in trucking business, Does he have to get new EIN,Bank account, ICC permit,contracts? I found so far is yes he has to ...just wanna make sure. Does it matter if the DBA name he used is available for corporation?

Thanks in advance

Rich.

[jainen]

>>I found so far is yes<<

So why are you still wondering? Did you find incomplete explanations, conflicting answers, undocumented sources, an incalcitrant client, or other unreliable elements? All the things you mention are such trivial tasks, you could have done them all before noon today.

[OldJack]

>>I found so far is yes<<

So why are you still wondering? Did you find incomplete explanations, conflicting answers, undocumented sources, an incalcitrant client, or other unreliable elements? All the things you mention are such trivial tasks, you could have done them all before noon today.

Well Jainen, you old son of a gun, you never cease to amaze me with your brilliant answers!

However, I would simply add that the preparer has to remember that a corporation tax status is a separate tax entity (or person if you wish). I would also remind the preparer that even a proprietorship or LLC electing to be taxed as a S-corp must do the required bookkeeping the same as General Motors or any corporation. That includes accounting for balance sheet items in addition to the profit and loss items.

[jainen]

>>Well Jainen, you old son of a gun, you never cease to amaze me<<

Welcome back, OldJack! I have truly missed you. Almost everybody takes me so literally and either agrees or disagrees. You are one of the few who never believes anything I say anyway, even when you agree or disagree with it.

[mcb39]

>>Well Jainen, you old son of a gun, you never cease to amaze me<<

Welcome back, OldJack! I have truly missed you. Almost everybody takes me so literally and either agrees or disagrees. You are one of the few who never believes anything I say anyway, even when you agree or disagree with it.

Jainen, I have to interject that I don't always agree with or take you literally. However, I do tremendously admire your intelligence and knowledge and always try to read between the lines of your posts. Anyone who loves Roses and Jane Austen has to have a soft spot in there somewhere.

In keeping with the thread, I find it interesting that someone wants to convert from sole proprietorship to Scorp. I hardly, if ever, see that any more. The entity of choice has become LLC for many of the reasons that Old Jack (also extremely intelligent) states. :huh:

[OldJack]

Damn Marilyn, if I had known you were going to say I was intelligent I would have tried to think of something intelligent to say. :blush:

[rich]

Thanks for valuable advice.

Rich.