WITAXLADY Posted June 5, 2021 Report Share Posted June 5, 2021 I understand how to change members - buy/sell etc However, in setting up the S corp - of the Inherited Sch C - 2 siblings - 2 children - when dad passed away. It was established 1/1/20, and the extension filed. It should have been filed in the name of the Living Trust as the member, which is now an Irrevocable Living Trust, as the Sole member... Do I just refile the 2553? with the signer one of the reps (child) of the now (Irrevocable) Living Trust? to get permission or approval? The S corp has been approved. Attorney insists on seeing the correct 2553. (She will then file 2 QSST's of the children to pass the S corp into their name) Thank you does this make sense? From the beautiful North central green of WI Quote Link to comment Share on other sites More sharing options...
Lee B Posted June 5, 2021 Report Share Posted June 5, 2021 Doesn't make sense to me???? Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted June 7, 2021 Report Share Posted June 7, 2021 I am trying to understand the question. It sounds like a parent who had a sole proprietorship passed away, and the business passed into a trust. But the children are closing the trust and putting the business in their own name. Now, did the trust set up an S-Corp, or did it set up an LLC and elect to be taxed as an S-Corp? Which structure are the children setting up? Members sound like an LLC, S-corps usually have shareholders. Quote Link to comment Share on other sites More sharing options...
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