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Question: How do i transfer assets from one business to another.?

(Posted by: on 2010-03-12 11:53:26)

My husband had a plumbing business under his SS#, in August we dissolved the business. I started Sunshine Plumbing under my ss#. Do I enter my husbands assets under the company we dissolved and take a lose. Then add them under Sunshine plumbing again? We are still using the assets. Please be very detailed in your answer. thanks! So where do I list the assets? Under His tax forms or Sunshine Plumbing forms?

Posted by: WRG on 2010-03-12, 11:58:40

Since neither were incorporated and both are owned by the same husband and wife there really isn't an issue. You really can't transfer ownership, at least not for tax purposes, between the two of you.