Unlocking Your Business Potential
When I convert my business from an LLC to a corporation do I need a new Fein? An LLC partnership must apply for a new EIN if it was taken over by one partner and operated as a sole proprietorship. Once the LLC has its new EIN, it can then file its C corporation election … Read more
What happens when you convert an S Corp to an LLC? If the S Corp’s assets have increased between the time of the formation of the business and the time of the conversion to an LLC, a capital gain is realized. This means that the shareholders must pay capital gains tax on the amount of … Read more
Can I change my LLC to an S corp? For federal tax purposes, you can simply make an election for the LLC to be taxed as an S-Corporation. All you need to do is fill out a form and send it to the IRS. Once the LLC is classified for federal tax purposes as a … Read more