Is this possible or is it set and stone? I fear the worst......please advise. Thanks.
Single LLC or Manager Managed LLC? You can do anything, but you have to file the right paper work with the gov.
Joel, I am the only person in my S-corp. What is the difference between what you've stated? Is manager manager when another company manages the LLC? And single managed would be just me? I thought LLCs always need at least two people, yes? Thanks.[ Edited by ddhamilt on Date 05/04/2004 ]
A corporation is a seprate entity structure than an LLC. You can elect your coporation to be a S-corp but you cannot convert a corporation to an LLC. Here is what you can do: Start up an LLC and have that plus your S-corp Transfer assets from your s-corp to your LLC It's not really a big deal other than some minor expenses. GOOD LUCK
The problem is that your going to have MAJOR self employment tax if you convert back.
Single LLC or Manager Managed LLC?
You can do anything, but you have to file the right paper work with the gov.
Joel,
I am the only person in my S-corp. What is the difference between what you've stated? Is manager manager when another company manages the LLC? And single managed would be just me? I thought LLCs always need at least two people, yes?
Thanks.[ Edited by ddhamilt on Date 05/04/2004 ]
A corporation is a seprate entity structure than an LLC. You can elect your coporation to be a S-corp but you cannot convert a corporation to an LLC.
Here is what you can do:
Start up an LLC and have that plus your S-corp
Transfer assets from your s-corp to your LLC
It's not really a big deal other than some minor expenses. GOOD LUCK
The problem is that your going to have MAJOR self employment tax if you convert back.