Llc Operating Agreement Arizona With S Corp Election
Description
How to fill out Arizona Limited Liability Company LLC Operating Agreement?
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FAQ
To have your Arizona LLC taxed as an S-corp, you will need to file Form 2553 with the Internal Revenue Service (IRS). S-corp tax election is available for LLCs or corporations, and must be approved by the IRS.
Draft the Operating Agreement These documents should include the roles and rights of the shareholders, how decisions are made, and how profits and losses are distributed. Additionally, the agreement should contain provisions to handle changes in ownership, dissolution, and dispute resolution.
The default federal tax status for a single-member limited liability company (SMLLC) is disregarded entity. However, the owner of an SMLLC can elect to have the business taxed as either a traditional C corporation or as an S corporation. An S corporation is a special type of small, closely-held corporation.
Instead of using an operating agreement, which is specific to an LLC, an S corporation will rely on its corporate bylaws and articles of incorporation. All states require S corporations to use articles of incorporation. However, corporate bylaws are not required in every state.
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553PDF for all required information and to determine where to file the form.