transfering assets from DBA to an Inc.

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transfering assets from DBA to an Inc.

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neil71

posts: 1

Jan 12, 2008 7:38 PM ET Quote Report Abuse

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I am interested in turning my DBA into an Inc. I have a few trucks and pieces of equipment that I would like to move into the Inc name. Does anyone have advice on how to do this and if I have to pay sales tax again on vehicles when transfering them? I live in Ma.
Thanks

LiveWise

posts: 89

Jan 12, 2008 11:15 PM ET Quote Report Abuse

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Check with you local tax advisor. Make sure they understand business taxes.

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CFOtoGo

posts: 67

Jan 14, 2008 2:27 AM ET Quote Report Abuse

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Natalie is right, you should probably consult with a tax advisor. There are sometimes good reasons for leaving large assets out of the corporation.

In general, no, you will not need to pay any additional taxes when transfering assets because of a change in business entity.

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transfering assets from DBA to an Inc.

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