Yes, fortunately, the decision to file S corporation status is not permanent. If the business becomes more profitable and there are tax advantages to being a regular corporation, S corporation registration status can be dropped after a certain amount of time.
An S corporation is a pass through entity and LLC can also adoptscorporate tax filings.
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Roberta Breeden
6th Jan 2010
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I just got inc. but I am not an S-Corp. I still have to get a new ein # and how do I add on S-Corp. to my Inc
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Reply from: infotaxsquare.com | 2010-01-06
Dear Roberta Breeden:
Your question is not clear but let me give you some guidelines: If you are converting your C-Corporation to an S-Corporation then you will use the same Employer Identification Number. EIN only change If you are changing the structure of your company from corporation to Limited Liability Company (LLC).
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Roberta Breeden
6th Jan 2010
I just got inc. but I am not an S-Corp. I still have to get a new ein # and how do I add on S-Corp. to my Inc
Replies