2006-12-15 11:25:31 · 4 answers · asked by Gone Golfing 2 in Business & Finance ➔ Taxes ➔ United States
Whoever said "the best things in life are free" obviously didn't have Yahoo Answers in mind. A CPA or Enrolled Agent will cost you money, for sure. A competent one will also make sure that your best interests are protected. That might well save you thousands over what it will cost you in tax, interest and penalties if you mess this up by following any wrong advice here.
The best answers to this question so far are the ones telling you no more than to contact a CPA. They may know nothing about tax, but half the battle is knowing when to engage a professional. this is one of those times.
2006-12-16 07:25:23 · answer #1 · answered by skip 6 · 0⤊ 0⤋
I too wonder why you would want to do this. I know in Louisiana, LLCs are not subject to franchise taxes as an S-Corp.
First, set up your LLC. If it's a single-member LLC, it defaults to a disregarded entity (ie Schedule C). If its multi-member, it defaults to partnership. After formation, "check the box" as a Corp, then elect S-Corp status. Once you get the S-Corp election, as part of capitalization of the LLC, transfer your old S-Corp to the new LLC. Then transfer the assets up the chain, and dissolve the old S.
2006-12-16 01:30:56 · answer #2 · answered by texascajun82 2 · 0⤊ 0⤋
I'm curious why you'd want to do something like this?
S corps are nice in structure from many positions.
If you have a specific strategy in mind, you really SHOULD hire a CPA to formulate a plan.
Other than that, I think you'd incur gain (or loss) depending on the state of your assets.
2006-12-15 13:35:12 · answer #3 · answered by Molly 6 · 1⤊ 0⤋
Dude...you asking in the wrong place...A paid accountant's office, or a lawyer's office (on retainer) is your forum. You need "REAL" direction.
2006-12-15 12:03:56 · answer #4 · answered by Mike M. 5 · 1⤊ 0⤋