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Old 05-04-2018, 08:37 PM
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one person with two different LLCs Tax

I was operating an LLC business and I started another LLC in a different state on Sept 2017, which completely different business. I have filled my tax return for the first llc and at time I couldnt file the tax for the 2nd one since I was waiting on some documents from vendors. Now I have all the information that I need. Do I need to amend the original return or just file 2nd one desperately. I wanted the 2nd one to be treated S-Corp and thinking to file form 2553 with the 2nd return and use form 1120s. I have read some information that it may be late to file 2553, if that is the case would I completely amend and file 2 schedule C for both of the LLC. Thank you for your help



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Old 05-05-2018, 04:00 AM
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I was operating an LLC business and I started another LLC in a different state on Sept 2017, which completely different business. I have filled my tax return for the first llc and at time I couldnt file the tax for the 2nd one since I was waiting on some documents from vendors. Now I have all the information that I need. Do I need to amend the original return or just file 2nd one desperately.========>Since you as you said already filed the first return, you did not file the second LLC return so you do not need to amend the first LLC return. I mean even for second LLC return UNLESS you filed its return, you do not even need to amend the LLC return

I wanted the 2nd one to be treated S-Corp and thinking to file form 2553 with the 2nd return and use form 1120s. I have read some information that it may be late to file 2553,==========>>correct;
As you can see, Form 2553 must be filed before the 16th day of the 3rd month of the corp's tax year, or before the 15th day of the 2nd month of a tax year if the tax year is 2? months or less. You can also file the form at any time during the tax year before the year in which you want the election to take effect



if that is the case would I completely amend and file 2 schedule C for both of the LLC. ===========>>yes since you operate two separate SMLLCs , you must filed 2 Sch C s for the two SMLLCs and report the income on your 1040.



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