S-Corp to LLC

[Redneck]

Can you change a S Corp to an LLC just by filing a Form 8332 with the final 1120S.
No assets involved. Service corp. Does the LLC still use the S-Corp EIN#.
Any help will be welcome and appreciated.

[ChEAr$]

Can you change a S Corp to an LLC just by filing a Form 8332 with the final 1120S.
No assets involved. Service corp. Does the LLC still use the S-Corp EIN#.
Any help will be welcome and appreciated.

Nope. An LLC is a separate state chartered organization just like a corporation. So
the corporation would have to go out of business, i.e. dissolve with the state and
by resolution or otherwise at final stockholders' meeting sell the business to the newly
minted LLC.

It's not like forming an LLC first and then electing S corp status with the IRS.

[oceanlovin'ea]

You can also set up a new LLC with the state, then merge the old corporation into the LLC.

IRS will give you a new EIN for the LLC but if you are going to still choose to be taxed as an s corp, you will continue to use your old EIN for tax purposes.

You have to check with your state to make sure you do the process correctly. But it is better than having to close a corporation.

Linda