Llc Operating Agreement Hawaii With S Corp Election
Description
How to fill out Hawaii Limited Liability Company LLC Operating Agreement?
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FAQ
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.
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.
To form a Hawaii S corp, you'll need to ensure your company has a Hawaii 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.
An operating agreement for LLC taxed as S corporation is the entity's main governing document. By default, an LLC is treated like a partnership for taxation purposes. So, most standard operating agreement forms are designed as modified agreements for partnerships.
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.