Michigan Llc Operating Agreement With S Corp Election
Description
How to fill out Michigan Limited Liability Company LLC Operating Agreement?
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FAQ
Then, you can choose S Corp tax status by filing an election with the IRS (Internal Revenue Service). If you're in California, this means that if you form an LLC or corporation, you have the option of using S corporation status for taxation.
Key Components of an S-Corp Operating Agreement Identification of Parties. ... Management Structure. ... Ownership and Equity. ... Shareholder Rights and Obligations. ... Distributions and Allocations. ... Financial Matters. ... Meetings and Decision-Making. ... Amendments and Dissolution.
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553PDF for all required information and to determine where to file the form.
There is no state law in Michigan that requires LLCs to have an operating agreement.
An LLC can choose to be treated as an S corporation in a two-step process: File a Form 8832, Entity Classification Election. This causes the business to be taxed as a C corporation. Then file Form 2553 to elect an S corporation tax structure.