I have just formed a single member LLC on April 1. I’m going to elect S Corp status. I have been operating as a sole proprietor for a while before this. My question is do I start my books fresh or import everything from this year so far from Jan 1? Is it ok to have a k-1 at the end of the year and still file a schedule C for the year as well?
For example, I own my car, but the LLC does not. I have an equipment loan in my name but not the LLC’s name. So some expenses will be schedule c, and some will be inside the LLC / S Corp. Is this ok or an audit risk? My schedule C could have a NOL because of taking the bonus deduction on my equipment loan.
thanks in advance!
