Transition from a Sole Proprietorship to an S-Corp

[@micahdilts6065]

Very helpful thanks so much for the video!

[@andrewhuynh7706]

Need to show step by step of how to convert the single member LLC to partnership corporation. It’s more helpful

[@chriscanelo]

Great lesson on business thank you ladies!

[@versatile3169]

Thank you

[@mosesnikko16]

You can not convert a single member LLC To partnership because you re a single member and that is considered by the IRS as a disregarded entity. The only alternative for you is to find a partner or multiple partners . As a result you will be required to file a partnership return(1065) and a k-1 is issued to each partner to file their personal tax return.

[@angelamedellin5666]

So a single person can’t go from a LLC to S-Corp?

[@mosesnikko16]

Yes, you can from a single LLC to request an S corp tax classification meaning you are taxed a S corp (filing Form S 1120) will all the advantages (payroll for yourself), but your business entity is still a LLC.

[@mosesnikko16]

Yes you can request a S Corp tax classification as a single LLC member meaning you are taxed as s corporation and you will file S 1120 for the business and connect your K-1 to your individual taxes return1040)