Hey there, i just formed LLC, but didnt do the publication yet, only filled out the form as a single member. I want to switch to S-Corp. Do you think it is possible? If yes what should i do just wait for 4 months to dissolve itself then form S-Corp or can i just do that now? By the way the reason wwhy i want to form S-Corp is that because of the publication fee for LLC which is around $700-900 in Brooklyn. I am ok with prep of files for S-Corp annualy. And the company is not gonna make money for the first year or so. Is the annual fees for S-Corp a lot?
I don't know what state you're in, so I'm just going to give you a California look! There are some differences between an S corp and an LLC, a big one being that an LLC is treated as a partnership and it is possible for another entity, like a C corp or a trust, is one of the partners. In California you pay the same $800 either way. An S corp will have state annual and quarterly filing requirements to have to meet.