Once I pick a tax classification for my Virginia Limited Liability Company (LLC), can it be changed?
Yes. Tax classifications for a Virginia LLC can be changed each year. There are specific time frames for changing a Virginia LLC’s tax classification each year (generally for federal purposes, no later than 75 days after the commencemnt of each tax year). Also, there may be tax consequences resulting from a change so you should consult a CPA to understand the implications.
