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Correction: No Federal Income Tax Election for LLCs
Because of the omission of one very important word ("no") on page 54 of the March/April issue, an erroneous statement appeared in the article by B. Dane Dudley, Seven M. Fast and Myles J. Laffey entitled Converting an S Corporation to an LLC-and Conversion Bypass with Parallel Structure. The last sentence in the first column on page 54 should have read, "The formation of the LLC is governed entirely by state law, and no federal income tax election is involved. . . . " The mistake was not the fault of the authors. The editors apologize.