An LLC that elected to be taxed as a S-Corp in 2006 & 2007, is now down to a 1 member LLC. The LLC had gross revs around $400,000. Can the LLC change its taxing status to a Sch C? If so what form is needed and how many days prior to 1-1-09 (beginning tax year for LLC) does the form need to be submitted to IRS?
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Dissolving
Going up the entity ladder is less complex than coming back down. You'll dissolve the S-corp and distribute its assets at FMV to the shareholders. Your client will form a new LLC. See your state's Secretary of State web site for dissolution and formation requirements and forms. Also, read the current articles of incorporation and operating agreement to see what's required to end your particular S-corp. -
Lion
is right, but remember you have having a taxable event-why do it if it causes taxes???Comment
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What?
What is that about dissolving the S corp? This was an LLC taxed AS an S corp, soOriginally posted by Lion View Post
nothing to dissolve.
however some, if not most, states do require some paperwork when composition changes.ChEAr$,
Harlan Lunsford, EA n LAComment
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AZ requires amended articles of organization that reflect the change in composition. Go to:
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