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Accounting for an LLC convert into a C Corp

I have a 3 location yoga business operating as a LLC.  Owner is converting to a C-corp and have investors receiving percentages of the C-corp.  Is the final balance sheet of the LLC the beginning account balances for the C-corp?

Answers

Topic Expert
Scott MacDonald
Title: President/Owner
Company: AlphaMac Resources, Inc.
(President/Owner, AlphaMac Resources, Inc.) |

Yes. This is not like a business acquisition where you have to revalue assets. The company is simply forfeiting its S corp status for tax purposes.

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