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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 110573
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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how quickly can one convert from a c corp to an s corporation

Resolved Question:

how quickly can one convert from a c corp to an s corporation and is it costly? Can one change the name of a company or go through a buy out and restructure under an s corp? Is it legal like CNN reported on the moving of U.S. companies to Ireland to enjoy their low 7% tax rate?
Submitted: 5 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 5 years ago.
This is a check the box selection with the IRS and with the state department of revenue and does not take much at all. You go to the IRS website and they have forms for converting the C-Corp to an S-Corp and all shareholders have to agree and you contact the state department of revenue for their form as well. It is legal and happens all of the time, but there are some tax burdens that may occur with unrealized profits of the C-Corp and you need to sit with your tax professional to examine those as well.

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Customer: replied 5 years ago.
Have you heard about US companies moving their businesses to Ireland to benefit from their 7% tax rate?
Expert:  Law Educator, Esq. replied 5 years ago.
Yes, but I have heard of more of them moving to Panama, Cayman Islands, Belize, Nevis St. Kitts than I have Ireland. You can go to for more information.

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