S-Corp Question
I am just starting an S-Corp for my rehabs as I don't want to risk anymore personal liability. I should file for an LLC with the usual f8832 stating that I am an 'association electing to be taxable as a corporation' to make me eligible to be taxed as an S-Corp. Now does it change my tax liability if I my LLC is single or multi-member (my wife being the other)? My RE lawyer is out of town and I can't get in touch with him at the moment.
Thanks!
s corp...since limited liability means LIMITED...you are still liable...protect yourself at all costs!!!
Filing Form 8832 to elect taxation as a corporation defaults to C-Corporation treatment. You have to file another election to change your C-Corporation to an S-Corporation.
If you and your wife are members of your LLC, then you do not have single-member disregarded available to you. Your options are limited to either partnership or corporation.
Thanks Dave. I think I'll just wait for my lawyer. It just is not worth it to try to do it myself and screw it up.