I started a construction company with my brother. We are a multi member LLC partnership. Started in May. We won’t make enough money to have and s-corp election this year. My question is if we have been taking owner draws how do we back date an s-corp election? Secondly all of accounts are listed as Bear Necessities NRC if we move to an s-corp do I have to change all of those accounts?
Thank you for the question. We answered this on our show Ep. 445. Thank you so much!! Mark