This Operating Agreement is used in the formation of any Limited Liability Company. 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.
Llc Operating Agreement Maine With S Corp Election
State:
Maine
Control #:
ME-00LLC-1
Format:
Word;
Rich Text
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FAQ
You can start an S corporation (S corp) in Maine by forming a limited liability company (LLC) or a corporation, and then electing S corp status from the IRS when you apply for your EIN. An S corp is an IRS tax classification, not a business structure. The S corp status is used to reduce a business's tax burden.
Maine is one of the few states that require an operating agreement. As the state's LLC Act §1531 states, a limited liability company agreement must be entered into or otherwise existing at the time that you file the Certificate of Formation.
Maine recognizes the federal S election, and Maine S corporations are not required to pay corporate income tax to the state.
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.
The S corporation is the only business tax status that lets you save on Social Security and Medicare taxes while avoiding double taxation. An LLC taxed as S corp offers benefits of a corporation while also providing flexibility on income treatment.
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Complete Entity Classification Election Form (IRS Form 8832) – To determine the LLC's tax status. An LLC Operating Agreement describes the operating rules of a Limited Liability Company.An LLC is a type of business entity that can have one or more owners, referred to as "members.