California Llc Operating Agreement With S Corp Election
Description
How to fill out California Limited Liability Company LLC Operating Agreement?
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FAQ
Organization / Formation Most LLC Operating Agreements open by recording basic information about your LLC, like its name, purpose, business address, California registered agent information, and the names of all members.
It is required by state law ? CA Corporations Code Section 17701.02(s) requires every California LLC to have an operating agreement. Therefore, having this agreement can help ensure you comply with the law. An operating agreement establishes the business as a separate entity ? One of the most important.
California does tax S Corps Most states follow the federal IRS rules and don't make S Corps pay income tax, but California is an exception. All California LLCs or corporations that choose S Corp taxation must pay a 1.5% state franchise tax on their net income.
A small business corporation elects federal S corporation status by filing federal Form 2553 (Election By a Small Business Corporation) with the Internal Revenue Service. When a corporation elects federal S corporation status it automatically becomes an S corporation for California.
An LLC operating agreement is an important document for any LLC?and in California, your LLC is required to have one. While you won't need to file your operating agreement, it's important to draft a comprehensive one to help you avoid the application of California's default LLC rules.