Changing my business entity from one to another
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.
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