Add a Smart Field Legal Maine Startup for S-Corporation Forms For Free

If you meet IRS requirements, you can elect S-corp status by filing Form 2553, Election by a Small Business Corporation. If you file paperwork and complete the process within two months and 15 days after the beginning of the current tax year, you may be able to claim S-corp status for the current tax year.

It typically only takes a few weeks to fill out and process the necessary paperwork to elect S-corp status, even if the company is going through the two-step process of converting to a corporation and then electing S-corp status.

An S corporation must file its annual tax return by the 15th day of the third month after the tax year ends. This is usually March 15 unless that day is a weekend or holiday. The business must report all financial activity on Form 1120S.

Partnerships and S corporations must file Form 941P, “Pass-Through Entity Return of Maine Income Tax Withheld from Members.” You generally must file electronically through the Maine Tax Portal.

Some jurisdictions—the District of Columbia, Louisiana, New Hampshire, New York City, Tennessee, and Texas—do not recognize the federal S corporation election and, for the most part, tax S corporations like other business corporations.

Choose a business name for your S corp. File articles of incorporation. Issue stock for your S corp. Elect a board of directors and appoint officers. Meet other S corp eligibility requirements. Obtain an employer identification number. Elect S corp status. Apply for state and local S corp business licenses.

For detailed formation steps, see our Maine LLC formation guide. Step 1 – Choose a name. Step 2 – Choose a ME Registered Agent. Step 3 – Choose Directors or Members/Managers. Step 4 – File ME Articles of Incorporation or Certificate of Formation. Step 5 – Apply for S Corp status with IRS Form 2553.

Maine recognizes economic nexus for any vendor with more than $100,000 in gross sales in Maine of tangible personal property or taxable services in the previous calendar year or current calendar year. Once you have economic nexus established, you will be obligated to collect sales tax from buyers in the state.

Wyoming: Like Nevada, Wyoming offers no state corporate tax, franchise tax, or personal income tax and is known for its business-friendly environment. It also provides strong asset protection benefits and privacy for business owners. South Dakota: South Dakota is gaining popularity for its favorable tax climate.