S Corp Status For Llc In Washington

State:
Multi-State
Control #:
US-0046-CR
Format:
Word; 
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Description

The document is a Resolution form for electing S corporation status for a Limited Liability Company (LLC) in Washington. This form is essential for LLC owners who wish to be taxed as an S corporation under the Internal Revenue Code, allowing potential tax benefits including avoidance of double taxation on corporate income. The key features include authorization for corporate officers to execute necessary documents for the S corporation election, ratification of prior actions taken under this authority, and certifications by a corporate Secretary. Completing the form involves filling in the specific details such as the corporation's name and state. It is suitable for use by attorneys, partners, owners, associates, paralegals, and legal assistants as it ensures compliance with federal and state tax laws. This resolution empowers corporate officers to make crucial tax election decisions and simplifies the process of submitting required documentation to both the IRS and the state tax authorities. Properly executed, this form serves as a critical component in the financial planning strategy for LLCs seeking S corporation treatment.
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FAQ

In Washington, an S corporation is treated as a regular C corporation for state tax purposes because the state does not recognize the federal S corporation election.

LLC members may be any person or organization while S Corporation shareholders must be individual U.S. citizens or U.S. residents, estates or certain trusts (they cannot be other corporations or LLCs). Also, the number of shareholders is limited for an S Corporation while an LLC may have an unlimited number of members.

Filing as an S Corp in Washington Step 1: Choose a Business Name. Step 2: Appoint Directors and a Registered Agent. Step 3: File Articles of Incorporation. Step 4: Create an S Corp Operating Agreement. Step 5: Apply for an Employer Identification Number. Step 6: File Form 2553 for S Corporation Election.

Filing as an S Corp in Washington Step 1: Choose a Business Name. Step 2: Appoint Directors and a Registered Agent. Step 3: File Articles of Incorporation. Step 4: Create an S Corp Operating Agreement. Step 5: Apply for an Employer Identification Number. Step 6: File Form 2553 for S Corporation Election.

Keep in mind that while Washington does not have personal or corporate income tax, an S Corp may be subject to a gross receipts taxes (such as the business and occupation or B&O tax) and other state or local taxes.

Limited Liability Companies (LLCs) A Limited Liability Company (LLC) is formed by 1 or more individuals or entities through a special written agreement. The agreement details the organization of the LLC, including provisions for management, assignability of interests, and distribution of profits and losses.

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S Corp Status For Llc In Washington