I will be electing an S-Corp status in the near future. I am currently a single member LLC. Would it make more sense to set QB up like an S-Corp (payroll, etc), or to set up as an LLC and convert? Looking for logical opinions from people with more experience and knowledge than me!
Sounds like you are not presently using QB
A SMLLC that files as an s-corp, should have its CoA set up for the corporate structure. And that is mainly the shareholder equity accounts.
Look over these links before making the choice,
and especially this one
Thank you for the articles. I have a couple of appointments to meet with CPAs and attorneys to decide if I should elect S-Corp status. I'm starting to get behind in my accounting. I am currently trying to set up QB.
Not knowing which way I am going to go, is it better to set QB up as an S-Corp and if I don't go that route change it to an SMLLC?