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Convert S-Corp to LLC

Preliminary Considerations

Evaluate the reasons for converting from S-Corp to LLC.

Consult with legal and tax professionals for advice specific to your situation.

Review the operating agreement and bylaws of the S-Corp.

Tax Implications

Assess the potential tax consequences of the conversion.

Determine if there are any built-in gains that could affect taxes.

Review the implications for shareholders regarding distributions and liabilities.

State Regulations

Check the specific state laws regarding the conversion of S-Corp to LLC.

Ensure compliance with state filing requirements and deadlines.

Obtain any necessary approvals from shareholders or board of directors.

Document Preparation

Draft the Articles of Organization for the LLC.

Prepare an operating agreement for the new LLC.

Collect and organize all relevant business documents and financial records.

Filing Process

File the Articles of Organization with the appropriate state agency.

Submit any required forms to the IRS to terminate the S-Corp election.

Notify state and local tax authorities of the change in business structure.

Post-Conversion Steps

Update business licenses and permits to reflect the new LLC status.

Notify clients, vendors, and other stakeholders about the change.

Open a new bank account under the LLC name and update financial records.

Ongoing Compliance

Ensure compliance with ongoing state and federal requirements for LLCs.

Maintain proper records and documentation for the new entity.

Review and update the operating agreement as necessary.

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