Buying S-Corp Dental Office – How to Handle the Entity Questions

I purchased an existing practice with an existing S-corp in place. I’m getting a lot of different messages from what to do as far as creating a new S-corp under me. I want to reuse the practice name. The person at the secretary of state’s office said all I would need to do is change officer name to my name. Is that normally what you do? Or do I have to file a new entity, then have the old one dissolve somehow and then change my new entity name to the old one?

Thanks.

I’m surprised you didn’t create your entity at LEAST 2-4 weeks prior to settlement. When you create this new entity, have you planned for the processing of notifying all the appropriate people? Landlord? Lender? Vendor? Insurance companies? Payroll service? etc., etc., etc.

Getting that DBA name sounds like the tip of the iceberg for you.

This first appeared on Dentaltown.

Send your questions to Tim Lott, CPA, CVA at tlott@dentalcpas.com

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