Llc Operating Agreement Maine With S Corp Election
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How to fill out Maine Limited Liability Company LLC Operating Agreement?
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FAQ
You can start an S corporation (S corp) in Maine by forming a limited liability company (LLC) or a corporation, and then electing S corp status from the IRS when you apply for your EIN. An S corp is an IRS tax classification, not a business structure. The S corp status is used to reduce a business's tax burden.
Maine is one of the few states that require an operating agreement. As the state's LLC Act §1531 states, a limited liability company agreement must be entered into or otherwise existing at the time that you file the Certificate of Formation.
Maine recognizes the federal S election, and Maine S corporations are not required to pay corporate income tax to the state.
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.
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.
