Llc Operating Agreement Wisconsin With S Corp Election
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FAQ
Every Wisconsin LLC owner should have an operating agreement in place to protect the operations of their business. While not legally required by the state, having an operating agreement will set clear rules and expectations for your LLC while establishing your credibility as a legal entity.
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.
You can start an S corporation (S corp) in Wisconsin by forming a limited liability company (LLC) or a corporation, and then electing S corp status from the IRS when you apply for your Employer Identification Number (EIN). An S corp is an Internal Revenue Service (IRS) tax classification, not a business structure.
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.
