Frequently Asked Questions

Does filing form 2553 remove any LLC protections?

No. You still get the same limited liability protections as with a regular limited liability company.

How much could I save by being treated as an S Corporation for tax purposes?

You could save yourself thousands of dollars a year. We’ve got a handy calculator that shows you exactly how much you could reduce your self-employment tax burden.

Do I have to file my S Corporation Tax Election at a certain time?

Yes. There are certain limitations on when you can file form 2553. This article gives you all the details you need.

Can I file an S Corporation Tax Election if there are more owners in the business?

Yes. S Corporation Tax Elections are available to most LLCs. For more information, speak to your accountant or attorney.

S Corporation Tax Election with Form 2553

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Yes

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