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Answer Posted / sarfaraz khan
GAAP- refer to the standard framework of guidelines for
financial accounting used in any given jurisdiction;
generally known as Accounting Standards. GAAP includes the
standards, conventions, and rules accountants follow in
recording and summarizing , and in the preparation of
financial statements.
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I have an S Corporation called Trend Foods Inc. I would like to make a division of that company that services computers and call that Trend Computer Service. I do not want to set up another Corporation for Trend Computer Service. Can I just make a division of Trend Foods and what paperwork do I need to fill out to make that happen? Thanks for the help, Jim
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