How to Change an LLC to an S-Corp (Step-by-Step). Converting your LLC to S-Corp for tax savings
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- Опубліковано 7 гру 2024
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You can elect an S-corporation status for your limited liability company (LLC) so long as it meets the Internal Revenue Service’s (IRS) requirements. Making this change is for federal tax purposes and can provide significant savings. It doesn’t create a new business entity or change the legal structure of your LLC. You’re still an LLC for statutory purposes but are an S-corporation for tax purposes.
Changing your tax classification can impact other areas of your business beyond finances. So it’s best to seek out legal advice before making any changes.
But the key to remember is: You’re not changing your company’s legal structure. You’re changing how it’s taxed.
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