Ny Business Corporation Form 2553
Description
How to fill out New York Business Incorporation Package To Incorporate Corporation?
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FAQ
Form 2553, Election by a Small Business Corporation, can't be filed electronically. The form instructions state that the corporation needs to mail or fax the original copy of the form to the IRS. Refer to the IRS Instructions for Form 2553 for more information.
IRS Form 2553, Election by a Small Business Corporation, is filed by a corporation or other eligible entity to make an election to be an S corporation under section 1362(a). Corporations are treated as C corporations unless the proper steps are taken to become an S corporation.
Eligibility requirements for filing form 2553 You are a ?domestic? entity based and operating in the United States. You only have ?allowable? shareholders (no partnerships, other corporations, or non-U.S. residents as shareholders) You have no more than 100 shareholders total.
As an SMLLC (single-member limited liability company), taxes can be burdensome if one is paying taxes on all the profits that they receive from their company. However, IRS form 2553 can be filed, which would allow the SMLLC to reap the tax benefits of an S-Corp.
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.