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FAQ

How does an LLC elect S corp status?
To elect Corporation status, the LLC must file IRS Form 8832 - Entity Classification Election. To elect S Corporation status, the LLC must file IRS Form 2553 - Election by a Small Business Corporation.
Should an LLC elect S corp status?
Although being taxed like an S corporation is probably chosen the least often by small business owners, it is an option. For some LLCs and their owners, this can actually pra tax savings, particularly if the LLC operates an active trade or business and the payroll taxes on the owner or owners is high.
How do 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 Corporation, it can file Form 2553 to be taxed as an S-Corporation.
Can a single member LLC elect S corp status?
As a single member LLC, you can elect to be taxed as an S-Corp as long as the election is made no more than two months and 15 days after the beginning of the tax year you want the election to go into effect. You make the election on form 2553.
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