A SMLLC (taxed as a Schedule C) has been in business a few years and would like to elect S status effective 1/1/21. It is my understand the language and some provisions in the Operating Agreement have to be updated to avoid a second class of stock issue.
The Operating Agreement will be amended/updated by the attorney in the next few weeks and once completed the Form 2553 will be filed before March 15. Is there a potential problem that the Operating Agreement was amended after 1/1/21 and thus on 1/1/21 it would have contained old LLC language that could cause a S election invalidation if audited?