You can make an election to be treated as an S-Corporation by filing Form 2553, but only if all the tests are met under Who May Elect in the instructions. You have missed the deadline for making the election for 2023; however, a late election may be made if you the qualifications. Requirements for filing a late election are also detailed in the instructions. Filling an S-Corp return - Form 1120-S and including Form 2553, if properly completed will probably result in the IRS granting S-Corp status. For more information see Instructions for Form 2553
Tax treatment of S-Corps and C-Corps are very different, and too numerous to detail here. What one person may view as a benefit, another might see as a detriment. You will need to do some research or consult a tax professional for advice. You can start with this IRS page on Business structures
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
