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    2 Replies Latest reply on Mar 25, 2010 12:13 PM by bm911tax

    Move S-Corp to LLC

    Djsdjs Newbie
      8 years ago I established a S-corp. My brands have no relationship to my corp. name - no one will even notice a company name change. I have no interest in having investors or selling the company. It is basically for liability. This post: Re: LLC AND CORP spoke very concisely to my situation.

      I am almost 90% sure I want to move to be an LLC for it's simplicity. I am a one person business and always intend to be.

      The paperwork, complexity and cost of payroll and taxes is life draining. I know that I do not automatically get out from under all this just by going to an LLC - but it seems like there is opportunity for simplification.

      One of my big hang ups is paying $1000-2000 a year for CPA prepared taxes. I already have to download and classify everything in quickbooks - should be pretty easy from there. My tax situation is simple - revenue, expenses and retirement. I do BOA payroll and I have less than 250K (this year substantially less ;) in revenue.

      Rather than try to convert the S-corp I was thinking of closing it and opening an LLC under a different name.

      One snag is I most likely have the first ever NOL in 2009.

      What are my possible risks and opportunities here?

      What tax election makes the most sense for computer consulting?

      Can I keep the full benefit of a 2009 NOL and still affect this change by the end of 2010? (maybe keep both open for more than a year?)

      Are there benefits to opening a new business - financial or otherwise?

      What about running the same brands under a different operating company?

      Anyone else consolidated an s-corp into an LLC for these or other reasons?