Client set up LLC the beginning of this year and is being taxed as s corp. He was in the process of doing a 1031 exchange of business property and moving his business a couple of blocks away from the current location. He had a barber/beauty shop.
But the deal fell through and he ended up just selling his property to the investment company.
He is going to work at another shop - renting space. So technically still self employed.
Can he continue to use the same LLC? Still same business, but will have different address.The property is not in the name of the LLC. Still in his name.
It was part residence and part shop. Sold personal part last year to investment company.
Linda
But the deal fell through and he ended up just selling his property to the investment company.
He is going to work at another shop - renting space. So technically still self employed.
Can he continue to use the same LLC? Still same business, but will have different address.The property is not in the name of the LLC. Still in his name.
It was part residence and part shop. Sold personal part last year to investment company.
Linda
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