Florida LLC 2 member taxed as S-corp

[Joshuam R.]

Any one doing it this way if so, any good info or lessons learned would be appreciated.

Had our LLC few years, (stagnant/not used), have not selected S-corp or C-corp with IRS

From what I gather best form will be S-corp.

We want to transfer our first rental from our personal profile and into the LLC. We are also moving forward with assignment of contracts and all income want to push through the llc.

Yes, after the end of this we will be sitting with a CPA but as for everything you want to know what your are going in for.

Thank you all for your thoughts and guidance.

[Gary Tucker]

Double taxation for a C-corp only becomes an issue when paying shareholders after the tax year. It can be avoided with issuing bonuses or dividends in the same tax year. 

We have major renovations going so not much left at end of year. When the time does come, I can pay myself a bonus for the taxable profit at end of year to avoid the double tax. Being C-corp is good when adding shareholders or selling company in my opinion.

I like the standard LLC just because you don't have to worry about the double tax or payroll. Any profit flows through to your personal return.