Partnership with 3 separate business all with their own EIN
I have a new client who was a sole proprietorship schedule C and in 2017 brought on a partnership at 25%. He wants to change his business to a Partnership split 75% 25%. He owns 3 deli’s and has formed a Holding Company for them. Each deli has their own EIN number. I am thinking 3 separate schedule C’s and a partnership because each has an EIN. Also with the new corporate tax laws would it be better to form an S Corp which would only play 21% in taxes.
Thanks in advance, your help is much appreciated.
Hey Tony! Based on what I know, I believe you are on the right path. However, I can’t give you tax advice so I will have to recommend that you reach out to a tax professional who can provide you with the best guidance for your situation.
If you don’t have a tax pro, check out this article which includes several resources to help you find someone in your local area: https://fitsmallbusiness.com/how-to-find-a-quickbooks-proadvisor/
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