New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
I’m forming a new business in California (LLC) and electing to do s-corp. Do I do LLC first & file s-corp? Or do I go straight to forming s-corp?
Dear Visitor,
“S-Corp Election” is an election with the IRS (and in some cases with the state too, but not in California), electing the entity to be taxed under Subchapter S of the IRS. The entity can be LLC or Corporation, and the difference is in the entity structure.
So first you need to decide if you want your company to be organized as LLC or as Corporation, and then after the entity was formed you can proceed with electing it as “S-Corp” with the IRS.
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