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S corp election for a non LLC partnership

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Level 3

I have a partnership, in Oregon, non-LLC...wanting to elect s corporation using the "check the box" on form 2553. My question is does this business need a new EIN? I can find the an LLC partnership does NOT, and being that the LLC is  a state and not a federal issue, would the same apply?  i also have conlcluded only the form 2553 is needed and the 8832 is NOT. any comments?

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4 Replies 4
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Level 12

Is this business a registered "entity" of some sort (something similar to a LLC)?  If not, a Partnership can't elect to be taxed as anything other than a Partnership.   If the business wants to be taxed as a S-corporation, they need to form an "entity", such a corporation or LLC (or some states have other options, another post today was discussing a registered "Professional Association" with the State).

If they do form a brand-new "entity", yes, they will need a new EIN.

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Level 3

I've found a number of articles and the instructions for forms that say a partnership can elect to be taxed as an S corporation.  Revenue Ruling 2009-15 allows for a partnership to elect association status and convert to S at the same time. so it appears federally allowed..

are you referring to oregon Law?

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Level 15

I read the Rev Rul and it is allowed.


ex-AllStar
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Level 15

Possibly they can do a state law conversion to a corporation, thereby keeping the EIN if that is important. Then they would need to make an S election.


ex-AllStar