Massachusetts Llc Operating Agreement With S Corp Election
Description
How to fill out Massachusetts Limited Liability Company LLC Operating Agreement?
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FAQ
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.
Starting a Massachusetts LLC and electing S corp tax status is easy....Step 1: Name Your LLC.Step 2: Choose Your Massachusetts Registered Agent.Step 3: File the Massachusetts LLC Certificate of Organization.Step 4: Create an LLC Operating Agreement.Step 5: Get an EIN and Complete Form 2553 on the IRS Website.
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.
Prepare an Operating AgreementAn LLC operating agreement is not required in Massachusetts, but is highly advisable. This is an internal document that establishes how your LLC will be run. It is not filed with the state.
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.