Forming and LLC, start new books??


I'm probably a little late in asking this question but...... I filed
papers to organize as a Limited Liability Company and changed the name
of the company at the same time. The papers are back from the state, I
have my new FEIN, filed for a new sales tax number, new withholding
and UC accounts. Today I had my bank accounts change (i.e. opened new
accounts) and all of my vendor accounts reflect the new name. As it
stands now, I am still basically the same company. I have the same
customers, vendors, employees, etc. Can I/should I continue using the
same set of accounting books? I use Quickbooks, and I'm wondering if
there would be any benefit to closing out the old company file and
starting a new one with balances carried over from the old file??
Reply to
kbremner
wrote
Without any further data, old numbers need to be closed out with final returns, and close out the books at that time. New numbers means new set of books and new set of tax filings. Now, depending on the facts, you may well have starting balances for assets and liabilities, but the new LLC would not have an existing retained earnings on day 1.
Reply to
paulthomascpa

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