Q: Help to fill out IRS Form 2553
Don't understand what to fill in for Part 2
The IRS form you mention is for a business to elect to be taxed as a Subchapter S corporation. There are several other ways businesses might be taxed and several situations where a business might file this form. Part II asks information about whether the entity is an existing or new entity. An attorney or other tax professional cannot realistically advise how to fill out this form unless they know more about your precise situation.
You may wish to consult with the form instructions (available at irs.gov) and/or call your tax professional for assistance.
While not legal advice, I hope this general information helps.
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