What are the tax consequences for transferring assets from incorporated entity taxed as a S Corporation to a LLC with the same owners to separate operations from assets.

hcpa · ‎12-07-2019

I have an S Corporation that is looking into moving the assets to another llc for liability protection. The new LLC will have the same ownership as the S Corp. The sole purpose is to separate the operations from the assets for liability protection. Are there tax consequences for this?