I started a Single Member LLC company in Jan and setup Quick Books to reflect that structure, Owner versus shareholder etc. In March I filed 2553 for S-Corp tax election. Do I need to change my QB structure to reflect S-Corp accounts (shareholder versus owner), etc. or do I leave everything as is? Am I correct in assuming that even though I filed form 2553 I am still legally a SMLLC not an S-Corp?
