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  4. Converting LLC to Corp or Vice Versa

Converting LLC to Corporation (or vice versa)

 

Question:

Once I have created an entity, such as a Limited Liability Company, can it be changed to another entity type? How about corporations? Can they be changed into LLCs?

 

Answer:

Things change… Your business can too!

Getting your business started can be overwhelming. You have a product or service to promote, paperwork to file, taxes to set up and much more. If you're like many business owners, you may have a "day job" funding your start-up. You may be working insane hours to hold it all together as you pursue your dream of business ownership.

It's a crazy busy time and absolutely exhausting but eventually, the dust settles. You have found some semblance of balance and you have a system in place! Your business is growing and you may find yourself wondering if you chose the best entity type. Maybe you should have filed a corporation instead of a LLC and now you're stuck! Not to worry; you can change your business to suit it's grown up, functional self. But why would you want to change your entity type?

Converting your LLC to a Corporation or S-Corp:

  • Have you hired employees? If you want to have employees (instead of contract workers) and withhold W2 wages for them, a corporation would be the best choice. LLC's pay self employment taxes because W2 wages are not being withheld. If the business is going to be paying W2 wages, don't add self employment taxes to employer taxes; convert to a Corporation or S-Corp!

  • Fling your first return and feeling the distress of that mammoth tax payment? Why is it so high? Well if your business is a LLC you are paying self employment taxes. That means that you are covering the employer and employee taxes for Social Security and Medicare. If the LLC hasn't saved money for tax season it can be a pretty hard blow to the bank account. If you are the kind of person who struggles with saving, converting to a corporation or S-Corp and making monthly tax deposits might be the best choice for you.

Converting your Corporation or S-Corp to a LLC:

  • Are you the only person on the payroll and tired of those pesky monthly tax deposits and quarterly returns? Maybe you'd rather pay a higher tax rate for the convenience of eliminating all that paperwork. Converting a corporation or S-Corp to a LLC will eradicate your monthly state and federal filings and free you up to focus more on building your business (and maybe carve out a little you time as well!). 

If you have any questions or need help picking the entity type that is best for you, give us call at 888-886-9552 Monday through Friday from 7am to 5pm MST (real people answer the phone!).

You can also chat or email us!

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Disclaimer: This information is made available by MyLLC.com, Inc. (the "Company"), and is intended for educational purposes only, and it is not legal or tax advice. No action should be taken in reliance on any information in or on this site without verification with legal or tax counsel, after review of the facts and current law, that the action to be taken is appropriate under the circumstance. Except as expressly provided to the contrary in writing by the Company, the materials contained on this site are provided on an "as-is" basis without warranties of any kind, either express or implied. Company disclaims all other warranties, express or implied, including, without limitation, implied warranties of merchantability, fitness for a particular purpose, title and non-infringement as to the information, content and materials on and in the site. Company does not represent or warrant that materials on and in the site are accurate, complete, reliable, current or error-free.
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Nevada's Tax Laws have changed
Effective July 1st, 2015:
Be aware that if you are currently incorporated in the state of Nevada, or are considering becoming incorporated in Nevada, 2015 changes to the tax laws may directly affect and increase the costs to your business!

What is your first step? Simply choose which of the following two options applies to your business:

ALREADY INCORPORATED in the state of Nevada? 2015/08/15 - Your annual fees increased from $325 to $650, and that’s not including the Commerce Tax if it applies to your business! Further, you will now be required to file your tax return with the NV Department of Taxation with June 30th as the fiscal year, not the calendar year! Review these changes with your tax advisor immediately! If you choose to re-domicile your corporation in another state, MyLLC will file the re-domestication paperwork for you!

TRYING TO DECIDE WHICH STATE is best to incorporate your new business? MyLLC strives to provide you with up-to-date information and exceptional customer service. Contact your tax advisor to review your options and then talk to MyLLC's Incorporation Professionals to assist you in filing your articles of incorporation as well as provide you with Registered Agent services!

MyLLC is committed to assisting you in this process but you must contact us today!

Call us toll free at 888.88.MYLLC or fill out the contact form so one of our experts can help you.
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