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The simple answer is that you cannot, as it would violate state law. One of the conditions of an S-Corp is that an S-Corp cannot own or be owned by other entities. While you can potentially turn your entities into other business structures such as an LLC (which can own or be owned by other entities), the S-Corp limitation would make this demand impossible. You may want to consider looking into an LLC modification first if your primary concern is to have all of the businesses under one 'umbrella', but it cannot be an S-Corp 'umbrella'.
So we could have a parent company such as abc companies which would be an S Corp and the sub companies would have to be modified as LLCs?
Thank you for your follow-up. No, you cannot. An S-Corp cannot own OR be owned by other entities. All of the entities would have to be something other than S-Corps. The parent company cannot be an S-Corp, it can be a C Corp, LLC, and so forth, but not an S.
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