Georgia Business Corporation Form 2553 Instructions

State:
Georgia
Control #:
GA-00INC
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Description

The Georgia Business Corporation Form 2553 instructions provide essential guidance for forming an S corporation in Georgia. This form allows corporations to elect S corporation status for taxation purposes, enabling profits and losses to pass directly to shareholders, hence avoiding double taxation typical of C corporations. It targets users such as attorneys, partners, business owners, associates, paralegals, and legal assistants who assist in business formation. Key features include a clear outline of filing requirements, deadlines, and eligibility criteria for shareholders. The instructions detail the need for timely submission of Form 2553, ideally by March 15 to effectuate tax benefits in the current year, or within 75 days for future applicability. It emphasizes the formalities of incorporating, such as conducting initial meetings and adopting corporate bylaws, ensuring compliance with state requirements. Additionally, the instructions highlight editing and filling guidelines for forms, available both in .pdf and .doc formats for user convenience. These instructions serve as a reliable resource for individuals looking to establish an S corporation, facilitating a smoother incorporation process.

How to fill out Georgia Business Incorporation Package To Incorporate Corporation?

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FAQ

File IRS Small Business Tax Election Form 2553 if you want your GA business to be treated as an S Corporation. ?Any Georgia S Corporations formed through Incfile will also include a prepared Form 2553 that will be delivered with the state formation documents. Create and issue stock certificates to your shareholders.

To form an S Corp in California, you must file Form 2553 (Election by a Small Business Corporation) with the IRS and then complete additional requirements with the state of California, including filing articles of incorporation, obtaining licenses and permits, and appointing directors.

To form a Georgia S corp, you'll need to ensure your company has a Georgia formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.

Filing for S corp election doesn't cost anything at the federal or state level in Georgia. However, if you haven't yet formed an LLC or a corporation, you'll need to pay a filing fee of $100 for an LLC and $100 for a corporation.

Georgia recognizes the federal S corporation election and does not require a state-level S corporation election.

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Georgia Business Corporation Form 2553 Instructions