Merge Two Companies

  • Thread starter Gene on Long Island
  • Start date

G

Gene on Long Island

Hi,

I own two independent companies. For tax reasons, i'm having one company take
over all of the business of the other, but I don't want to lose all of my
business records, accounts, payments, etc.

Is there any way to have one company file totally merged into another,
maintaining all of the data of both while doing it?

Thanks,

Gene O'Brien
Technology Service of Long Island
 
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?

!-!

You would need a utility program such as one produced by Karl Irvin
(http://www.q2q.us/).

Consult your accountant before proceeding.
Merging ALL data, both historical and future, may be neither advisable
nor legal.
 
A

Allan Martin

Gene on Long Island said:
Hi,

I own two independent companies. For tax reasons, i'm having one company
take
over all of the business of the other, but I don't want to lose all of my
business records, accounts, payments, etc.

Is there any way to have one company file totally merged into another,
maintaining all of the data of both while doing it?
Times like these require a call to your accountant. The real question is not
how, but should I? 99.99999% of the time the answer will be no.
 
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Z

Z Man

Gene on Long Island said:
Hi,

I own two independent companies. For tax reasons, i'm having one company
take
over all of the business of the other, but I don't want to lose all of my
business records, accounts, payments, etc.

Is there any way to have one company file totally merged into another,
maintaining all of the data of both while doing it?
So far, at least two people have told you to 'ask your accountant'. As an
accountant, and since this is not the tax season, I'll take a stab at it.
Let's say Company A acquired Company B. If the two 'companies' filed
separate tax returns (for example, if they are corporations), then if you
merge the financial records of B into A, B will still give you an accurate
historical tax record, but A will not, as its own data will be mixed
together with B for periods of time during which A filed its own its own tax
return. If such be the case, you should at least make a backup copy of A and
retain it as a separate QuickBooks file, so as to maintain the integrity of
A's tax records prior to the combination.

If neither company filed its own tax return, (for example, of both were sole
proprietorships, or single member LLC's), than there is less harm in
combining them. However, even in this instance I would retain separate
QuickBooks files for historical purposes. Keep in mind that once you merge
the two companies, A's separate history is gone forever.

Hope this helps.
 

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