Question I have an S Corporation, and i am planning on opening up a sister company, what is the processes for this and to file returns at the end of the year does each company have to file taxes separately or can we file the taxes all together, we are using the same books thank you.
Answer Dear Carlos,
A Sub-Chapter S-Corporation is a federal election done after form a regular C-Corporation. You will have certain time limit to make the election (form 2553) were all the shareholders have to consent to the S-Corp election.
Since you have two entities each one has to file on its own, you can not combine sisters companies filing without having a legal entity to consolidate them.
I hope this answers your questions, if I can be of any further help please let me know.
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