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FAQ

Should a DE C-Corp startup file form 2553 (Election by a Small Business Corporation) to be treated as an S Corporation to save on double taxation?
Since there is more than one of you it seems that this is a question for your CPA who actually knows the individual tax situations of both/all of the owners to make a more informed recommendation that asking on social media.Being a CPA the best advice I can give you is ask your own CPA. Now however if you need a frontal lobotomy I do have an opening Wednesday at 1 pm. However, You have to bring your own anesthetic as I am low on single malts.
If I'm an LLC that has filed Federal Form 2553 to file as an S-Corp in previous years, is it permissible to simply revert back to filing as a sole-proprietor LLC if I so choose?
David's response is right on. Prior to revoking the S-election, however, I would review your reasons for doing so with a tax pro. If it's a business that is no longer profitable, that's understandable. However, going from S-corp tax treatment to a disregarded entity/sole proprietorship is usually a bad tax result. I'd certainly invest the time to review the specifics of your situation with a professional.