William Bronchick – LLC to S Corp Conversion Kit

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William Bronchick – LLC to S Corp Conversion Kit

The problem with reporting your business activity on your personal return is that if you are generating earned (aka “ordinary” or “active”) income, your profits are subject to not only federal income taxes, but also SELF-EMPLOYMENT taxes (Social Security, Medicare, etc). If you enjoy this government “nanny” system where you pay into a big government “fund” that you MIGHT get back someday at retirement, then read no further. But if you want to save thousands of dollars a year, then PAY ATTENTION!

Savvy small business owners often form an S corporation for earned income activities. The reason for this is to avoid a chunk of the self-employment tax. An S corporation is a “pass-through” entity, which means there is no federal income tax; the owners report the net income (or loss) on their personal return. This type of income is NOT subject to self-employment tax! If you are netting $50k or more in your business, that’s a HUGE tax savings. You can’t, however, eliminate ALL of your self-employment tax liability; the IRS expects that you take some “reasonable” salary from your S corp, which is subject to payroll taxes (similar to self-employment tax). However, you do NOT have to take all of your profit as salary. Even if you take HALF of your profit as salary and half as a distribution from the S corp, you slash your taxes by THOUSANDS of dollars each year.

ATTENTION REAL ESTATE INVESTORS…

If you are a landlord, you don’t have to be worried because rental income is generally not considered “earned income” and thus not subject to self-employment tax. As a “disregarded” LLC, you would report this income on your 1040, schedule “E” (versus earned income, which is reported on schedule “C”). However, if you flip or wholesale properties, the IRS could tag you as a “dealer”, which makes your real estate activity a BUSINESS, not an investment. Thus, your earnings would be reported on Schedule “C”, subject to self-employment tax. Imagine three years of flipping activity during which you earn $100,000 in net profit, reporting the activity as short-term capital gains (not subject to self-employment tax). The IRS audits you and moves the income to schedule “C”, and hits you with self-employment tax, PLUS interest and penalties. OUCH! For any short-term deals, ESPECIALLY wholesaling, you may consider an S corporation for this activity.

Also, keep in mind that short-term rentals, such as VRBO and AIR BNB are generally considered “serviced” rentals and thus will be treated as earned income, not rental income.

THE “FIX” – IT’S EASIER THAN YOU THINK!

You don’t need to start all over to have the benefits of an S corporation. If you have an existing “disregarded” LLC, you can convert it for tax purposes to an S corporation and STILL be an LLC! That’s right, you can have the simplicity of the LLC, keep your existing name and bank account, keep your existing EIN number, yet be treated for federal income purposes as an S corporation. The conversion takes a few IRS forms, an updated operating agreement, and a new setup of your accounting records. And, you don’t necessarily need an attorney or CPA to do the conversion because I’ve created the first of its kind, LLC to S Corporation Conversion Kit!

HERE’S WHAT YOU GET WITH THE KIT…

My downloadable kit comes complete with the following:

• The LLC operating manual
• IRS forms to choose your S corp election or change from an existing tax election
• S corp/LLC operating agreement (for either a new filing or an amended version if you are converting an existing LLC)
• Sample annual and special minutes of meetings forms
• LLC member buy-sell agreement (for LLCs with two or more members)
• Membership certificate template and membership roster form
• Minutes of organizational meeting (for new LLC/S Corp)
• Summary of S corp tax rules
• Consent in lieu of a meeting forms
• Instructions for appointing officers to your LLC (President, Secretary and Treasurer)

Frequently Asked Questions:

1. Innovative Business Model:
   • Embrace the reality of a genuine business! Our approach involves forming a group buy, where we collectively share the costs among members. Using these funds, we purchase sought-after courses from sale pages and make them accessible to individuals facing financial constraints. Despite potential reservations from the authors, our customers appreciate the affordability and accessibility we provide.
2. The Legal Landscape: Yes and No:
   • The legality of our operations falls into a gray area. While we lack explicit approval from the course authors for resale, there’s a technicality at play. When procuring the course, the author didn’t specify any restrictions on resale. This legal nuance presents both an opportunity for us and a boon for those seeking budget-friendly access.
3. Quality Assurance: Unveiling the Real Deal:
   • Delving into the heart of the matter – quality. Acquiring the course directly from the sale page ensures that all documents and materials are identical to those obtained through conventional means. However, our differentiator lies in going beyond personal study; we take an extra step by reselling. It’s important to note that we are not the official course providers, meaning certain premium services aren’t included in our package:
     • No coaching calls or scheduled sessions with the author.
     • No access to the author’s private Facebook group or web portal.
     • No entry to the author’s exclusive membership forum.
     • No direct email support from the author or their team.

   We operate independently, aiming to bridge the affordability gap without the additional services offered by official course channels. Your understanding of our unique approach is greatly appreciated.

Refund is acceptable:

• Firstly, item is not as explained
• Secondly, Item do not work the way it should.
• Thirdly, and most importantly, support extension can not be used.

Thank you for choosing us! We’re so happy that you feel comfortable enough with us to forward your business here.