This was the email question I received (and it's not the first time):
My client has closed his sole proprietorship. What entries do I need to make to close the business? How do I start up the new business books and records?
This one hour workshop attempts to answer this question, looking at the bookkeeping entries for how to record the sale of the assets by the proprietor, and the setup of a NewCo for the purchase of the assets and business by the new company.
Using QuickBooks Premier Accountant version 2012, this video shares best practices and a checklist of what to watch for during a conversion from self-employed to incorporated. It's not about mastering QuickBooks software, it's about how to do the bookkeeping for this specific fact pattern.
It's not a tax course on S. 85, though we do look at how to record the transactions that result from such a tax free rollover election.
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