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Richard
Richard, Tax Attorney
Category: Tax
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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We have LLC in NC formed in 2007 in my husbands name and s

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Customer: we have LLC in NC formed in 2007 in my husbands name and his fathers name. is it too late to file form 2553 and take s-corp election?
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Submitted: 1 year ago.
Category: Tax
Expert:  Richard replied 1 year ago.

Good afternoon. My name is ***** ***** I look forward to helping you.

Yes, you can make an S Corp election for your LLC, but you would not be able to change it to be effective from the formation of your LLC. Rather, the election specifying an LLC’s classification cannot take effect more than 75 days prior to the date the election is filed, nor can it take effect later than 12 months after the date the election is filed. Rather, To change the classification of your LLC, you would file Form 8832, Entity Classification Election, to elect how it will be classified for federal tax purposes. You'll also want to file Form 2553.