Current company registered in Pennsylvania, since 2004
Organized as LLC
Ownership husband and wife 49/51
Professional services business (educational consulting/professional developmentfor school districts, non-profits, companies, etc).
Revenue has been under $100k with a variety of small contracts done by owners
New multi-year subcontract opportunity will take revenue into $300k-$500k range and will require use of 1099 consultants to do some of the work
Desire husband and wife to be only shareholders, directors, officers in new s-corp
Wife can pull 'reasonable' salary from doing direct work, 1099 payments, and then distribution of rest of earnings to owners
Want to change the name of the LLC to and find it important (for traditional contract partners) to have "Inc" in the title
Don't think we mind doing extra paperwork and filing if we can get on a schedule, but don't know what that is?
Is the yearly cost of accountant going to be more? Is cost of lawyer after conversion necessary?
Does the conversion seem like a good idea based on above?
If convert, once happens to existing certifications under the old name? Existing contracts?
Have you checked with your accountant? They may be able to help you with this or even an attorney.
Best of luck in your endeavors.
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