Hi,
So I recently moved from IL where I had my business set up as an S Corp. I'm now in FL and have been told that I should change my s corp to an LLC. But a little background for my business, not sure if you need this info. It is an internet business that makes its money from ads and paid memberships. It started at the end of 05.
From the advice I was given (by a non-lawyer) was to transfer my s corp to FL and to change it to an LLC. And then have a new s corp own that LLC. The only thing is, by doing the ownership transfer, won't I have to essentially "sell" it to my new business (since I'm the sole member of the current s corp)? Or can this be avoided? Is it good to have this structure? Should both companies be based out of FL or should I go with another state like Delaware (that I've heard has good protection for businesses? I've heard that FL s corps and llc's are good for businesses as well but I don't know where to look (and what I'm reading) to know if it really is, hence the reason for this post.
Reason behind having the S corp own the LLC is so the new businesses I'm looking to open up will also be owned by the s corp and essentially have only 1 tax return to deal with.
Thank you ahead of time for any insight you can bring to my dilemma.
So I recently moved from IL where I had my business set up as an S Corp. I'm now in FL and have been told that I should change my s corp to an LLC. But a little background for my business, not sure if you need this info. It is an internet business that makes its money from ads and paid memberships. It started at the end of 05.
From the advice I was given (by a non-lawyer) was to transfer my s corp to FL and to change it to an LLC. And then have a new s corp own that LLC. The only thing is, by doing the ownership transfer, won't I have to essentially "sell" it to my new business (since I'm the sole member of the current s corp)? Or can this be avoided? Is it good to have this structure? Should both companies be based out of FL or should I go with another state like Delaware (that I've heard has good protection for businesses? I've heard that FL s corps and llc's are good for businesses as well but I don't know where to look (and what I'm reading) to know if it really is, hence the reason for this post.
Reason behind having the S corp own the LLC is so the new businesses I'm looking to open up will also be owned by the s corp and essentially have only 1 tax return to deal with.
Thank you ahead of time for any insight you can bring to my dilemma.