Hello,

Back in 2010 myself and 2 others had aspirations of forming a small financial consulting business on the side. We ended up forming a c-corp in FL. To be honest and I know it was naïve I did not know the exact reason why we chose that type of entity. Anyway, it ended up amounting to a whole lot of nothing. My 2 other partners have bowed out and it has just been me working on the side. Last year I made some money- probably about only about $5000. Believe me that the expenses outweighed the revenue. Moving forward I was wondering if I should change to an s-corp to lessen the burden during tax time. I know it is possible by filing IRS 2553. Would this be advisable or should I dissolve the corporation and start over with an LLC? Everything I read online regaridng the dissolution of a c-corp talked about liquidating assets, etc... we have none.
I am confident that I can make this a profitable side business and want to proceed wisely.

Don't you have an accountant to do this for you?

Don't you have an accountant to do this for you?

Hi,

Sorry for the late response. I will surely seek help but I thought I'd do some research and try to get as much info as possible so I am more aware of the process and steps that may (or may not) need to be taken.

Then you will have already posed more specific questions on different accounting specific forums, offering greater pertinent expertise.

I do not understand you comment, "Then you will have already posed more specific questions." Thank you for sharing your assumption.

I made the assumption that if you are indeed engaged in research on your own, in order to be more thorough than just handing off the task to your accountant, then in that case, by now you will have already posed more specific questions on different accounting specialized forums, offering greater pertinent expertise than you'll find here on this forum.