Transition from a Sole Proprietorship to an S-Corp

  Рет қаралды 3,122

Koontz & Associates, PL

Koontz & Associates, PL

Күн бұрын

Пікірлер: 8
@micahdilts6065
@micahdilts6065 2 жыл бұрын
Very helpful thanks so much for the video!
@andrewhuynh7706
@andrewhuynh7706 3 жыл бұрын
Need to show step by step of how to convert the single member LLC to partnership corporation. It’s more helpful
@chriscanelo
@chriscanelo 3 жыл бұрын
Great lesson on business thank you ladies!
@versatile3169
@versatile3169 2 жыл бұрын
Thank you
@mosesnikko16
@mosesnikko16 3 жыл бұрын
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
@angelamedellin5666 Жыл бұрын
So a single person can’t go from a LLC to S-Corp?
@mosesnikko16
@mosesnikko16 Жыл бұрын
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
@mosesnikko16 Жыл бұрын
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)
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