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.
Running a small business is no small feat. That's why we've created a small business forum for expert insight, insider tips and the industry knowledge you need to see your small business grow.
Join our small community for expert insights, insider tips, and the industry knowledge you need to see your small business grow.Get Started Become A Member
Running a small business is no easy feat. That's why we've created a forum for small business ideas, insider tips and the industry knowledge you need to help your small business grow.
Now that you’re a member of the community, spice up your profile by adding photos, a custom avatar, information about your small busines, and much more.View Profile
Take part in the conversation and post your own question to the community.
Ways to Make Your Search More Accurate
Most of the time, you just want to find content that has a particular phrase. Here are the easiest ways to find the content you want.