bearnaples

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  • bearnaples
    Junior Member
    • Nov 2017
    • 2
    #1

    bearnaples

    i am converting llc ptr to be taxes as a s corp the llc has assets of 500,000 no liabilities and obviously 500,000 for member equity does member equity become stock ????
    Tags: None
    • Lion
      Senior Member
      • Jun 2005
      • 4699
      #2
      Talk to your tax preparer.

        Comment

        • TAXNJ
          Senior Member
          • Jan 2007
          • 2106
          #3
          Review TTB chapters 19 Scorp and 20 LLC that may better address your question
          Always cite your source for support to defend your opinion

            Comment

            • bearnaples
              Junior Member
              • Nov 2017
              • 2
              #4
              bearnaples

              thanks taxnj I overlooked the elephant right in front of me

                Comment

                • TAXNJ
                  Senior Member
                  • Jan 2007
                  • 2106
                  #5
                  In addition to TTB

                  Originally posted by bearnaples
                  thanks taxnj I overlooked the elephant right in front of me
                  See if this article provides information you may want to consider

                  Hidden Risks of Converting LLC to S Corporation
                  https://www.linkedin.com/pulse/20141017165601-53263917-hidden-risks-of-converting-llc-to-s-corporation
                  Conversion of a Limited Liability Company (LLC) to a Subchapter S Corporation (S corp) can reduce employment/self-employment taxes for highly profitable companies with simple ownership structures, but potential issues can invalidate the S election and subject the LLC to corporate rates and double ta
                  Always cite your source for support to defend your opinion

                    Comment

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