File Form 2553 to Elect Pennsylvania S Corp Tax Designation. This article discusses when it's a good idea to convert your LLC to an S corp, considerations to keep in mind, and tips for making the switch.This guide will help you file formation documents, get tax identification numbers, and set up your company records. Guide to the easiest way to file your Pennsylvania Annual Report. Forming an SCorporation in Pennsylvania can offer significant tax benefits and legal protections for business owners. PTEP in annual PTEP accounts of the S corporation. See Notice. 2019-01. Consider Electing S-Corp or C-Corp Taxation. LLCs and S corporations offer different levels of liability protection, taxation benefits, and management structures.