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LLC vs S Corp election (Form 2553) – YCL CPA

Small business & company tax · Sep 29, 2026

When Should an LLC Elect S Corp Status (Form 2553)? Profit Thresholds, Salary + Distributions, and NC Franchise Tax and Annual Report Costs (Timeline for a 2027 Election)

When should an NC LLC elect S corp status on Form 2553? Reasonable salary plus distributions, SE tax comparison, NC franchise tax and annual report costs—subject to current IRS/NCDOR guidance.

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