Just Set up an LLC in Georgia and Need to Switch to S-Corp...Help....?

Question

Hi, I just set-up an LLC for my business and now my advisor stated that an S-Corp would have been better for tax purposes,etc.

I already got an EIN and bank account for this entity.

How can I switch, if possible, from my LLC to an S-Corp with limited headaches? I am located in Georgia.

Also, would I need to get a new EIN number and new bank account, closing my newly set up bank account and how can I cancel my EIN for the other entity. I will be keeping my existing business name.

Please advise! Thanks!

Answer 1

What you need is an 8832 Form, Change of Entity Classification.  It's a pretty simple form.  Just fill it out and sign it.  Any problems feel free to email me.