Llc Operating Agreement Virginia With S Corp Election
Description
How to fill out Virginia Limited Liability Company LLC Operating Agreement?
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FAQ
3. Negotiate and execute an operating agreement. Virginia does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
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.
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.
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.
Virginia recognizes the federal S election, and Virginia S corporations generally are not required to pay state taxes (although a state tax return for informational purposes is required). However, an individual S corporation shareholder will owe tax on his or her share of the company's income.
