Changing from LLC to S corp.
When is the best time to change entities from LLC to an S corp.? Beginning of the new year??
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Mimbreno
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11/13/09 9:20am PST
That would be the tidiest. If you change mid year you would have to have tax returns prepared for both entities.
I am not young enough to know everything. - Oscar Wilde
11/22/09 10:14pm PST
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Of course I do not know the circumstances, but I would have to ask why would you do that? First any liability what so ever will no be strictly personal to you. You will lose the protection an LLC offers your personal assets. Secondly you may bringing any liability the company has incurred in the past (even ones you are unaware of) right into your personal world. I would recommend you speak to an attorney before you do this.
