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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1408
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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Fla s / inc. converts to LLC. In Florida ... we can convert

Customer Question

Fla s / inc. converts to LLC. In Florida ... we can convert a corporation to an LLC with the fla sec. of state. if my corp. before conversion is an S corp .... then the state of Fla gives it the approval to be a Fla LLC ... what happens to its tax status ? will it automaticly be a C corp (filing 1120)... or will it be an LLC with default provissions (if single member then disregarded and if multi members then a partnership by default) ?
Submitted: 6 years ago.
Category: Tax
Expert:  Jax Tax replied 6 years ago.

Jax Tax : A single member LLC defualts to a disregarded entity filing on 1040 sch C. Amulti member a partnership filing a 1065 and all profit is subject to self employment tax. You can file an 2553 for either to elect S Corp tax status.
Jax Tax : I am following up to ensure I answered your question satisfactorly
Jax Tax : Please let me know if I can be of more help.