Can I convert my business into an S Corporation?

 
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Posted On : 28th Aug 2009

Convert company as an S Corporation

  • 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 adopts corporate 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).

Helpful Link:
https://www.infotaxsquare.com/employer-id-number.htm

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