Convert to S-Corp? When, Why, and How to Do It

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In this video I cover when, why, and how to convert your LLC or Corporation over to S-Corporation taxation.

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Topics this Video Covers

* S-Corporation Taxation can provide big tax benefits to owners compared to C-Corp, Single Member LLC, or Multi Member LLC (Partnership) Taxation
* The “S-Corporation” is not a separate legal entity. It is either an LLC or a Corporation, that has elected “S” Tax Treatment
* You can elect “S Corp” tax status for any future year (and some past or current years) if your entity is eligible
* Election is as simple as faxing a timely Form 2553 to the IRS
* Additional filing requirements, shareholder limitations, state recognition (or not), state pass-through tax, and other general formalities, costs, fees, for maintaining an S Corporation
  1. Chad Pavel
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Wow this is amazing information, thanks for the insight!

valerysutton
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I thought if you were already setup as an LLC (disregarded or partnership tax status) and you elect to be taxed a S-corp, then you can still have other entities, including other LLCs be members of your LLC/S-corp. At the 6:25 mark you state otherwise.

JtotheRizzo
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Thank you for your training that is excellent prepared/explained. I have a question related to LLC-Partnerships as LLCs. One of these LLC Owner has a an S corp. Can Owner transfer income earned by the LLC t the S Corp & pay Payroll through the S Corp.? What to do in this scenario in order to get that advantage?

araceliscarbonell
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If I make gross income of 100k, but after deductions, I earn around 65k, wouldn't it be smart to do an s corp instead of my LLC, so that I can save even 2-3, 000 per year?

melkinney
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You are a single owner operator LLC can I take my drawer off of the profit of the company?

marysanders