Converting a C-corp into an S-corp
by jrwriter102007, Window Shopper
- Created: January 14, 2014, 2:44 pm
When does it make sense to convert a C-corp into an S-corp for tax purposes? I am co-owner of a Florida-based small writing company with two other business partners. We each work from home and our profits are pretty negligible; in fact, the past couple years have been pretty slow. We have no real business assets, and our business expenses are pretty minimal (ongoing payments for things like web hosting/domain, industry memberships, eFax services, Skype, etc). We've been in business for 7 years as a C-corp, but does it make sense to convert to S-corp, even if we're not paying much in corporate taxes due to minimal profits? At our level, does it even matter? If it does make sense to convert, how complicated is the process?
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