Llc Operating Agreement California With S Corp Election
Description
How to fill out California Limited Liability Company LLC Operating Agreement?
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FAQ
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.
Once an LLC is formed, it is possible to convert it to an S Corp by making an entity classification election. To make a timely filed election, Form 2553 must be filed within two months and 15 days from the effective date.
For federal tax purposes, you can simply make an election for the LLC to be taxed as an S-Corporation. All you need to do is fill out a form and send it to the IRS. Once the LLC is classified for federal tax purposes as a Corporation, it can file Form 2553 to be taxed as an S-Corporation.
An LLC or a corporation may elect S Corp tax treatment only if all of the following apply: The corporation has no more than 100 shareholders.
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.
