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Once your LLC or corporation formation is approved by Indiana, you need to file Form 2553, Election by a Small Business Corporation, with the IRS to get S corp status.
LLC taxed as an S corporation First, an LLC would need to elect to be taxed as a corporation by filing Form 8832, Entity Classification Election. After that, an LLC can then file a Form 2553, Election by a Small Business Corporation, to elect tax treatment as an S corporation.
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.
member LLC can be taxed as an S Corporation if it meets the IRS's eligibility criteria. In fact, both singlemember and multimember Limited Liability Companies can elect to be treated by the IRS as either an S Corporation or a C Corporation if they meet the requirements. Can a SingleMember LLC Be an S Corporation? CorpNet CorpNet ? Startup and Launch CorpNet ? Startup and Launch
The default federal tax status for a single-member limited liability company (SMLLC) is disregarded entity. However, the owner of an SMLLC can elect to have the business taxed as either a traditional C corporation or as an S corporation. An S corporation is a special type of small, closely-held corporation.