LLC taxed as a s corp.
what requirements should I be aware of the handle a hybrid of an LLC taxed as a S corp. I can do the application for the conversion and the 1120s. Is there anything else to be aware of?
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You have to elect to be taxed as an S Corp within 75 days of forming the LLC or the beginning of your tax year. I think it is two forms (select corp/ select S corp) and you need to file with your State too.
I think there is a new rule that you have to pay the members 60% + of net income.
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