Alabama Llc Operating Agreement With S Corp Election
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FAQ
The S corporation is the only business tax status that lets you save on Social Security and Medicare taxes while avoiding double taxation. An LLC taxed as S corp offers benefits of a corporation while also providing flexibility on income treatment.
Alabama recognizes the federal election to be treated as an S-Corporation through Form 20S. Find out more about S-Corporations including due dates, extensions, and filing in the FAQs.
Steps to TakePrepare corporate bylaws,Elect officers and directors,Hold your initial meeting of the Board of Directors,Issue stock certificates,Change documentation to reflect the new name,Decide whether to file an S corporation election with the IRS, and.Plan to file your first annual report with the state.
If you want your LLC to be taxed as an S corporation, you need to file IRS Form 2553, Election by a Small Business Corporation. If you file Form 2553, you do not need to file Form 8832, Entity Classification Election, as you would for a C corporation. You may use online tax filing, or can file by fax or mail.
And, once it has elected to be taxed as a corporation, an LLC can file a Form 2553, Election by a Small Business Corporation, to elect tax treatment as an S corporation.