Hey, I have a ca single member llc, which the irs approved for 501c3 status. Now I want to change the structure to that of most 501c3 corporations, because the current hybrid appearance is a redflag for some prospective board members, grantwriters, etc. I've reviewed the ca conversion form, and #4 asks about Shares. What do I answer, considering we are a nonprofit? Thanks
I want to change ca llc to c corp. Should I choose articles of incorporation with a statement of conversion - ca corporation general stock. It shows from a non-qualified out-of-state entity. I just want to make sure this is correct. Can I leave LLC name when I covert to c corp? And I think the easy way to do it , just fill form 8832 to change it.
Hi elizabeth! Thank you so much for all this info. I am a sole prop in California, I have a pool service company. I want to elect for S corp, so I just opened an LLC, and from my understanding from your videos I need to file a 2553 to IRS, then as well do this process here with he state to elect for S corp status with State & federal? Also! I realize the deadline to claim S corp status is March 15th or 16th of the current tax year, and that it's possible to elect for earlier status in the year as well. Does that matter? My only concern is in Calfornia the Franchise Tax board charges a minimum of $800, or 1.5%. is it possible to pay that twice?
So since you missed the March 15 deadline, you'd need to do the "late" procedure. The $800 franchise fee is a minimum so you'd pay that once for each year
@@ElizabethPW thank you! I figured just so unsure. My CPA wanted $1500 to create the s corp for me so i figured to do it myself. Thank you so much for your content.
I am so confused. I filed the articles of organization and statement of information earlier this year for SMLLC. I ended up filing late election 2533 to elect S-corp for the LLC. Do I have to go file an articles of organization, etc for a corp now? In terms of the franchise tax, do I have to pay the $800 fee for the LLC and S-corp in additon to the 1.5%? The whole LLC w/ S-corp status is throwing me off. Any help is much appreciated!!
No you don't have to create a corporation now or do corporate filings -- you have an "LLC taxed as an S Corporation" -- yes it is weird! The $800 fee is a minimum -- you only pay the 1.5% if that calculation is more than $800.
@@ElizabethPW So when paying the fee and trying to sign up for WebPay business account, it asks for the Entity ID number (given by SOS) but when I select the entity type (LLC) and put in the Entity ID number it says nothing can be found. But then if I choose corporation it asks for the entity ID for that, which I do not have. Any experience with this?
Good day.. can i get a touch on this, please.. So i opened llc last 6 months and elected it to be s-crop. The business hasn't stated making money. Now, I have another job i do. Which i get paid with 1099nec that got my ssn and my, My question now is. If im filling my 1120s, should i include my 1099nec in there, or should i just file my business income and file my 1099nec separately ?
If the 1099 was paid to you personally with a 1099 on your personal SSN, then yes it would be separate on taxes (you had a sole proprietorship for that work)
Hello. I am debating on an LLC or corporation. This will be in the state of California. I was leaning towards an LLC with S-corp for tax filling. However, when searching on the secretary of state for LLC, proffesional services can not be rendered. I am trying to open a lash studio. My Cosmetology license is considered a professional license. Please advise if an LLC is possible or if I should file as a corporation. Thank you in advance.
Right my understanding is that it is a professional license, so you must either operate as a sole proprietorship or an professional corporation (that you can have taxed as an s corp)
@@ElizabethPW Thank you. I found a way. Yes. :). I remember how cheap all these processes were in the 1990s and early 2000s. My tagline is not taken. I will use it on my website/service. For now I used a TM symbol above it.
Hi always great stuff！Thanks a lot! I actually have question about IRS EIN, I converted my CA LLC to a CA Corp today, however I am not sure about the EIN, so I need to file form 8832 to let IRS know I will report as CCorp now. I talked to my CPA about this, she said no need. But I also see other videos saying we need to. I am so confused now😂😂😂😂. Her explanation is like EIN is like the ssn assigned to you, no matter later you change your gender, you are still you, no need to do anything. But I don’t think so… 😂😂😂😂Please let me know your thoughts
You don't need a new EIN but the tax status needs to be selected. The default tax status for the corporation is C Corp and if you want S Corp then you need to file that paperwork
When doing business on the internet, there is a serious problem in sending orders to customers, isn't it? For example, if I do an online business, if I get about 500 orders a day, how can I send that much to them? Even if I arrange to send the orders to them through an agency like Fedex, DHL, I can't deliver 500 orders to that agency on the same day, right? Those institutions don't accept such a large amount of orders from a single person on the same day, right?
Typically if you are getting 500 orders a day your hire a fulfillment services company to deliver those. But if you did them yourself, you'd call fedex or USPS to arrange for pickup or for a large dropoff.
@@ElizabethPW question. In California, I just formed a llc for a my hvac business. I’m applying for my contractor’s license but was told by the person helping me that llc have to pay workers bonds so I should convert to a c corp. is that doable? Will I get a new ein?
Hello, I hope you doing well, I have filled the ss4 form for EIN number but I put wrong fax number and I sent this form through Hellofax which is free and I only can send fax not receive through Hellofax, will this problem effect my EIN number procedure, so what I should do now for amendation? thanks,
Hey, I have a ca single member llc, which the irs approved for 501c3 status. Now I want to change the structure to that of most 501c3 corporations, because the current hybrid appearance is a redflag for some prospective board members, grantwriters, etc. I've reviewed the ca conversion form, and #4 asks about Shares. What do I answer, considering we are a nonprofit? Thanks
I want to change ca llc to c corp. Should I choose articles of incorporation with a statement of conversion - ca corporation general stock. It shows from a non-qualified out-of-state entity.
I just want to make sure this is correct. Can I leave LLC name when I covert to c corp? And I think the easy way to do it , just fill form 8832 to change it.
You can just change it to be an LLC taxed as a C Corp - for that you just file the IRS form
Hi elizabeth! Thank you so much for all this info. I am a sole prop in California, I have a pool service company. I want to elect for S corp, so I just opened an LLC, and from my understanding from your videos I need to file a 2553 to IRS, then as well do this process here with he state to elect for S corp status with State & federal? Also! I realize the deadline to claim S corp status is March 15th or 16th of the current tax year, and that it's possible to elect for earlier status in the year as well. Does that matter? My only concern is in Calfornia the Franchise Tax board charges a minimum of $800, or 1.5%. is it possible to pay that twice?
So since you missed the March 15 deadline, you'd need to do the "late" procedure. The $800 franchise fee is a minimum so you'd pay that once for each year
@@ElizabethPW thank you! I figured just so unsure. My CPA wanted $1500 to create the s corp for me so i figured to do it myself. Thank you so much for your content.
I am so confused. I filed the articles of organization and statement of information earlier this year for SMLLC. I ended up filing late election 2533 to elect S-corp for the LLC. Do I have to go file an articles of organization, etc for a corp now? In terms of the franchise tax, do I have to pay the $800 fee for the LLC and S-corp in additon to the 1.5%? The whole LLC w/ S-corp status is throwing me off. Any help is much appreciated!!
No you don't have to create a corporation now or do corporate filings -- you have an "LLC taxed as an S Corporation" -- yes it is weird! The $800 fee is a minimum -- you only pay the 1.5% if that calculation is more than $800.
@@ElizabethPW So when paying the fee and trying to sign up for WebPay business account, it asks for the Entity ID number (given by SOS) but when I select the entity type (LLC) and put in the Entity ID number it says nothing can be found. But then if I choose corporation it asks for the entity ID for that, which I do not have. Any experience with this?
Can I completely change my business name when converting from LLC to Corporation?
Yep! as long as the new name is available
Good day.. can i get a touch on this, please..
So i opened llc last 6 months and elected it to be s-crop.
The business hasn't stated making money.
Now, I have another job i do. Which i get paid with 1099nec that got my ssn and my, My question now is. If im filling my 1120s, should i include my 1099nec in there, or should i just file my business income and file my 1099nec separately ?
If the 1099 was paid to you personally with a 1099 on your personal SSN, then yes it would be separate on taxes (you had a sole proprietorship for that work)
Hello. I am debating on an LLC or corporation. This will be in the state of California. I was leaning towards an LLC with S-corp for tax filling. However, when searching on the secretary of state for LLC, proffesional services can not be rendered. I am trying to open a lash studio. My Cosmetology license is considered a professional license. Please advise if an LLC is possible or if I should file as a corporation. Thank you in advance.
Right my understanding is that it is a professional license, so you must either operate as a sole proprietorship or an professional corporation (that you can have taxed as an s corp)
Thank you.
Hi Elizabeth, I am filling out SS4 form, can you please advise what can I choose in 8a if it is Inc, THANK YOU!
If you have a Inc then in 8a you put no
@@ElizabethPW Thank you 👍👍
I need to file a tm on my own for a tagline. How do you search a tagline tm? Is it worth copyrighting a tagline?
You search taglines the same way as other trademarks.
@@ElizabethPW Thank you. I found a way. Yes. :). I remember how cheap all these processes were in the 1990s and early 2000s. My tagline is not taken. I will use it on my website/service. For now I used a TM symbol above it.
Hi always great stuff！Thanks a lot! I actually have question about IRS EIN, I converted my CA LLC to a CA Corp today, however I am not sure about the EIN, so I need to file form 8832 to let IRS know I will report as CCorp now. I talked to my CPA about this, she said no need. But I also see other videos saying we need to. I am so confused now😂😂😂😂. Her explanation is like EIN is like the ssn assigned to you, no matter later you change your gender, you are still you, no need to do anything. But I don’t think so… 😂😂😂😂Please let me know your thoughts
You don't need a new EIN but the tax status needs to be selected. The default tax status for the corporation is C Corp and if you want S Corp then you need to file that paperwork
I also sell my products on amozon and i am willing to create dropshipping website can i promote those business through leaflets distribution ?
As long as distributing leaflets is allowed in that city/county
love it
When doing business on the internet, there is a serious problem in sending orders to customers, isn't it? For example, if I do an online business, if I get about 500 orders a day, how can I send that much to them? Even if I arrange to send the orders to them through an agency like Fedex, DHL, I can't deliver 500 orders to that agency on the same day, right? Those institutions don't accept such a large amount of orders from a single person on the same day, right?
Typically if you are getting 500 orders a day your hire a fulfillment services company to deliver those. But if you did them yourself, you'd call fedex or USPS to arrange for pickup or for a large dropoff.
@@ElizabethPW question. In California, I just formed a llc for a my hvac business. I’m applying for my contractor’s license but was told by the person helping me that llc have to pay workers bonds so I should convert to a c corp. is that doable? Will I get a new ein?
I would like you to help me with my business is that possible?
I don't form or convert entities anymore, sorry!
Hello,
I hope you doing well,
I have filled the ss4 form for EIN number but I put wrong fax number and I sent this form through Hellofax which is free and I only can send fax not receive through Hellofax, will this problem effect my EIN number procedure, so what I should do now for amendation?
thanks,
Do you mean the "send" fax was wrong? Typically they will mail the EIN back but you can call 1-800-829-4933 to get your EIN once it is processed
@@ElizabethPW♥♥♥♥♥♥♥