Posted by Carey_PA on February 24, 2001 at 22:01:13:
My advice is to go with your accountants advice. You can always create other corps in the future as
C-corps, LLC’s, S-corps, etc. Or, I believe you can go back to an C-corp. BUT I COULD BE WRONG, BY NO MEANS AM I AN ACCOUNTANT.
BTW, my CPA recommended that I elect the S-corp status on my C-corp last year. It all depends on your situation, I believe, whether you have other income, etc.
Personally, I don’t know jack about accounting so I’d listen to my CPA, but I’m sure JHyre and others will give you good advice on this matter.