I own more than 51% George, but that doesn't make me the owner.  Just a majority owner.  We technically have a partnership..But we filed a form with the IRS choosing to have the LLC taxed as an S corp in stead of the default partnership.  Then there is no self employment tax, among other benefits.  And yes, you are correct Chris, I have to stay like that for 5 years before I can change the way I file....

And here in Va, we also have to file every year with the state corporation commission to stay a business in good standing, whether we are an LLC, incorporated or partnership.....

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