This Operating Agreement is for a Limited Liability Company with only one Member. This form may be perfect for an LLC started by one person. You make changes to fit your needs and add description of your business. Approximately 10 pages. It allows for eventual adding of new Members to LLC.
Operating Agreement Llc California With S Corp Election
State:
California
Control #:
CA-00LLC-2
Format:
Word;
Rich Text
Instant download
Description
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How to fill out California Single Member Limited Liability Company LLC Operating Agreement?
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FAQ
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.
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.
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.
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.