William Bronchick – LLC to S Corp Conversion Kit

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William Bronchick – LLC to S Corp Conversion Kit

Do you have one?-member (single)-owner) LLC? If you are the only member of the household, you might be paying too much tax!  The majority of small businesses-Business people start an LLC As “single-member”Either as the sole owner, or as husband and wife. They chose the default tax designation, which they called “disregarded”.  This means that the LLC Federal income tax purposes are ignored. The member or members must report their business activity on form 1040, their PERSONAL tax return.  They do this because it’s simple and easy to report on or because they don’t know better.

The problem with reporting business activity on your personal tax is that you can’t do so if you are earning earned (aka: “ordinary” Or “active”Your income and your profits are subject to to Not only federal income taxes but also SELF-EMPLOYMENT taxes (Social Security, Medicare, etc). If you have this government “nanny” You pay into a government system “fund” The chances are that you will get your retirement money back one day.  But you can always ask for it if you wish. to Save thousands of dollars per year by paying attention!

Many small business owners are savvy and form an organization called “The Small Business Experts”. S Corporation for earning income activities This is because: to Avoid eating too much of your own flesh-Employment tax An S A corporation is a “pass-through” entity, which means that there is no federal income taxes. The owners report the net income or loss on their personal tax. This type of income is NOT subject to tax. to self-Employment tax! You can save a lot of tax if you make more than $50k in your business. However, you can’t eliminate all of your expenses.-Employer tax liability; The IRS expects that there be some “reasonable” Salary starting at S corp, which can be subject to payroll taxes (similar to Self-Employment tax  However, you don’t have to. to Take all of your profit as a salary. Even if you only take half of your profits as salary and the other half as a distribution from the company, S corp allows you to reduce your taxes by THOUSANDS each year.

HERE’S WHAT YOU GET WITH THE KIT…

The following items are included in my downloadable kit:

The LLC Operation manual
IRS forms to Choose your S Corp election or change to an existing tax election
S corp/LLC Operating agreement (for either a filing or an amended form if you’re converting an existing document). LLC)
Download sample annual and special minutes forms for meetings
LLC Member buy-Sell agreement (for LLCs that have two or more members
Template for membership certificates and a form to join the roster
Minutes of an organizational meeting (for a new) LLC/S Corp)
Summary S corp tax rules
Consent to be substituted for a meeting form
Instructions for appointing officers to Your LLC (President, Secretary, and Treasurer).

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