How to Easily Convert Your LLC into an S Corporation

💼Converting your LLC to an S corporation provides personal liability protection and tax advantages.

✨An S corporation is a tax election, not a separate business entity.

📝To convert, ensure your S corporation meets requirements like having fewer than 100 owners and being organized under the laws of a state.

💰Switching to an S corp can result in tax savings.

📄You have two options to convert: making the selection when filing taxes or electing for S corporation tax treatment for the current tax year.

What are the benefits of converting my LLC to an S corporation?

—Converting to an S corporation offers personal liability protection and potential tax savings.

What are the requirements for converting to an S corporation?

—Requirements include having fewer than 100 owners and being organized under the laws of a state.

Can a non-resident alien be a member of an S corporation?

—No, non-resident aliens cannot be members of an S corporation.

Can my LLC be converted to an S corporation without the consent of all members?

—No, all members of the LLC must consent to the conversion.

Do I need to hire a professional to convert my LLC to an S corporation?

—Converting your LLC to an S corporation can be done on your own without the need for professional assistance.

00:00In this video, learn how to convert your existing LLC into an S corporation.

00:35An S corporation is a tax election, not a separate business entity, and offers personal liability protection and tax advantages.

00:59To convert, ensure your S corporation meets requirements such as having fewer than 100 owners and being organized under the laws of a state.

01:59Switching to an S corp can result in tax savings, making it an appealing option.

02:59You have two options to convert: make the selection when filing taxes or elect for S corporation tax treatment for the current tax year.