I’m filing as an S Corp but Now I want to do it as a LLC, no more S Corp. How should I do? Is there a form to file or I must close the present business
S Corp is a tax classification, LLC is a business entity (which can choose to be taxed as an S Corp). Please consult your accountant in regards of how to change your tax classification and what are the pros and cons for each.
You must inform the IRS of your intention to transition from an LLC to an S corp within two months and 15 days of the commencement of the tax year in which you wish the election to be effective. For instance, if you plan for your company to be taxed as an S corp starting January 1, 2025, you must notify the IRS by March 15, 2025.
Indeed, we keep our videos a bit shorter due to the nature and often complexity of the processes. We have a full guide available on our website that is more in depth :)
I’m filing as an S Corp but Now I want to do it as a LLC, no more S Corp. How should I do? Is there a form to file or I must close the present business
S Corp is a tax classification, LLC is a business entity (which can choose to be taxed as an S Corp). Please consult your accountant in regards of how to change your tax classification and what are the pros and cons for each.
@@simplify_llc Can a nacis code be changed on the original LLC? If so how?
Relevant question ! What answers you got ? I’m curious coz I’m in the same position
How was that in any way "step-by-step" LOL
because there really is just one step....Fill out Form 2553
@@tygacameron Then why put "step-by-step" in the title?
How long does it take to finish when you change LLC to S-corp
You must inform the IRS of your intention to transition from an LLC to an S corp within two months and 15 days of the commencement of the tax year in which you wish the election to be effective. For instance, if you plan for your company to be taxed as an S corp starting January 1, 2025, you must notify the IRS by March 15, 2025.
If I am set up as a single member LLC but want to switch to a S corp, does my EIN number change?
no
I want to change my DBA to a S Corp, any suggestions?
Hi! You can have an S Corp operating under a DBA (there are some IRS requirements, but it's possible). They are not mutually exclusive
Did I miss the step by step? this is more of a general information video - good information though, thanks
Indeed, we keep our videos a bit shorter due to the nature and often complexity of the processes. We have a full guide available on our website that is more in depth :)
Well done
What if i just open my llc in May when do i have to file this form to be treated as s corp?