Changing from LLC to S Corp - How does it affect taxable year?
Hey guys, so we are changing our LLC to an S Corporation for our business entity type this year. We were likely going to do this in February of this year, 2018. My questions:
1. Does changing from an LLC to S Corp affect 2018's taxes? Will each day of 2018 that we still operate as an LLC be taxed differently than when we change into an S Corp? Unfamiliar with how this works for a taxable year. Guessing the entire year is treated like we were an S Corp the whole time once we change entity types.
2. I know there are more hoops with an S Corp like corporate meetings, reasonable salary etc... but is there anything you guys can warn me about with an S Corp that we should be prepared for? We are operating in the state of Oregon.
3. Any other advice you guys have on changing from LLC to S Corp would be a huge help.
Thanks all and happy new year.