Have incorporated my small assisted living facility for the elderly last month but upon more research of sub-S incorporation, wonder if I made a mistake.
Is there a way for me to go back to a sole
proprshp as I will be retiring in 4 years and
need to pay in more soc. security rather than less. Help
2 Answers from Attorneys
You may be able to dissolve the S Corp, but if you have appreciated assets (including goodwill) that value will all be taxable upon liqidation. Why, oh why, did you not consult with capable tax counsel before you did this. While you can consider the dissolution, my guess is that the cost of getting out will be much more than leaving it alone. You can only determine this by having a capable CPA or tax attorney look at your personal circumstances and those of the corporation and analize the tax consequences.
First, you need tax advice from an expert, then you need legal help in accomplishing what the tax adviser recommends. Feel free to contact me for help if serious in getting this done right.
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