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Hi there,
I tried to do a search on the forum, however, I couldn't seem to find a specific answer to my situation...
I have a small item specific business which is a sole proprietorship. Earlier this year I decided that I wanted to close this business, so I began to sell off my inventory.
Meanwhile I have a started a new small business, in which I resell anything I can get my hands on to make a profit. The assets that I used with the prior business I have been using with the new business, so I would like to transfer those assets to my new business.
In addition I also wanted to transfer all of the leftover inventory to my new business, considering I could continue selling the left over inventory with my new business. I'm having a difficult time maintaining accounts and books for the two separate businesses, and would like to simplify this process by transferring everything to the new business (both currently sole proprietorships).
What steps do I need to do to make this happen? Would I have to sell everything from business A to business B?
Thank you for any advice you can give!!
Jenn
I tried to do a search on the forum, however, I couldn't seem to find a specific answer to my situation...
I have a small item specific business which is a sole proprietorship. Earlier this year I decided that I wanted to close this business, so I began to sell off my inventory.
Meanwhile I have a started a new small business, in which I resell anything I can get my hands on to make a profit. The assets that I used with the prior business I have been using with the new business, so I would like to transfer those assets to my new business.
In addition I also wanted to transfer all of the leftover inventory to my new business, considering I could continue selling the left over inventory with my new business. I'm having a difficult time maintaining accounts and books for the two separate businesses, and would like to simplify this process by transferring everything to the new business (both currently sole proprietorships).
What steps do I need to do to make this happen? Would I have to sell everything from business A to business B?
Thank you for any advice you can give!!
Jenn