Have a Finance Question? Ask a Financial Expert Online.
Hi from just Answer. I'm PDtax.
Corporate ownership of an S corp is not allowed. You might have to revoke your ABC Store Inc S status to have corporate ownership.
The other issues, such as changing the S corp name, are easily addressed, even online at your state secretary of state web portal.
Thanks fopr asking at Just Answer. Please rate my assistance using the star rating scale posted. I'm PDtax.
It may be possible in your state to directly convert your s corp to an LLC. Other states require a statutory merger of your s corp and a new LLC, with the LLC being the survivor entity.
You can set up the parent-child relationship so that the parent pays ask salaries.
Thanks again. Please rate my assistance using our rating scale. I'm PDtax.
I'm glad to discuss more ideas. I will offer a phone call to discuss your other ideas through our premium service offering. Accept, and we can discuss after lunch.