Jump to content
ATX Community

s corp wrong member - now change it how?


WITAXLADY

Recommended Posts

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

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...