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Life Cycle of an S Corporation

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Last updated: 24 Nov, 2018
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By Jason Watson ()
Posted November 23, 2018

Here is a summary of the life cycle of an S Corporation in terms of startup and shutdown-

  • LLC Formed

  • S Corp Election Made, Form 2553

  • Payroll Accounts Opened

  • S Corp Revoked, Letter to IRS

  • Reverts to C Corp for Taxation

  • Revert to LLC for Taxation, Form 8832 (Entity Classification Election)

  • Distributions and Tax Consequences Dealt With

  • Payroll Accounts Closed

  • Final S Corp Tax Return Filed, Form 1120S

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