And, to follow up on Teri’s comment, as there are in fact three separate S-corporations, then they are in fact three separate & distinct entities following their own S-Corp. Tax return, and thus need their own separate QuickBooks data file.
I would take the one existing QuickBooks data file and get it structurally right, meaning the chart of accounts are properly defined, maybe the vendor & customer lists also.
Then, I would create 2 new data files from this one existing QuickBooks data file, using the “File, Create Copy” feature. And then, edit that 2 newly created QuickBooks data files for content, meaning the corporate names & EIN’s.
On a separate note, it is not uncommon for a construction company to have multiple corporations in existence simultaneously. A construction company can catch a lawsuit in the blink of an eye. And whilst they have insurance, in my estimation and experience they can’t win them all, and that day will come when they catch that lawsuit that they cannot win. What will they do? Simply move everything over to one of their already-existing construction company corporations, and continue operations.
