My question involves business law in the state of: GA
If I make a stock purchase for a business who's fiscal year ends Sept. 30, Should the closing documents reference the last day of the closing month or the first day of the new fiscal year. 30th or 1st of October respectively?
Okay, as i was typing this, i realized how silly the question is, but maybe it will be more useful expanded. This is a for profit corp. So, the corp is still only going to file once and the K-1s sent to the shareholders base on those earnings. Therefore, i assume that as long as the books are closed properly on the last day, there should be no gray area pertaining to earnings and hence, it would not matter which of those days the closing takes place. Therefore, the better question may be "who is typically responsible for the accounting fees of the closing year as it relates to a transaction like this?" Hmmm.