I have a client who is a SMLLC and has completed Form 2553, to be taxed as an S Corporation; from what i am reading it looks like it is pretty simple; however, I want to ensure that the entries to move the Balance Sheet items over to the S Corporation are done correctly.  Do you have any insight into this that you would be so kind to share with me?  I am completing a 351 Transfer Statement to include with the tax returns.  From what I have read, I will basically start with a zero Beginning Balance Sheet and reflect the transfer Amount as an M-2 Other Additions for the Balances transferred from the SMLLC books.  Does this make sense to you?

Thank you so much!