AboutRichard Fritzler Expertise I am in the business of tax planning for business owners. Our company helps business owners structure so that they can be reduce the taxes that they owe, making them far more profitable.
Experience Since 1986 I have been helping successful business owners reduce taxes, protect assets, and limit their liability. The company is Owelesstax, incorporated at www.owelesstax.com
Organizations National Small Business Owners Association.
Nevada Association of Listed Resident Agents.
Citizens Legal Association
The Business Owners Institute
Publications Contributing author to "The Corporate Standard Newsletter".
I am also a writer for an email newsletter about business
Googlegroups/Successfulbusiness
I am also an Expert in the areas of Tax Law, Retirement Planning, and Estate tax issues.
Question How do you go about swithching n llc to a c corporation
Answer Let me congratulate you on making the informed decision to get out of the LLC and into business with an entity that can actually do you some good.
The quick answer is: start over.
Let me explain. Each type of entity, Corporation, Partnership, LLC, Trust, that your state recognizes and allows you to file are not separate and distinct, there is no process to convert one to the other. (don't confuse what I just said when dealing with Sub-S corporations, they used to be real corporations and there is a process to unhobble them).
When contacting your State of Incorporation, they will require filing a new entity, once the entity is created, you can transfer assets from the LLC to the corporation.
For the asset transfer, you have options, only one of which is best for your situation and the types of assets, and everyone's situation is different. Each of these has variants that could have additional impact for tax purposes, costs, or potential liability.
The LLC could "sell" the assets to the corporation.
The LLC could Capitalize the assets into the corporation.
You could contribute the ownership of the LLC to the corporation.
You could dissolve the LLC and take the assets personally then replace the word "LLC" with "YOU" in the first two options above.
Richard Fritzler
www.owelesstax.com
www.nevadacorporateservices.com
phone 800 590-6612
