Llc Operating Agreement Ohio With S Corp Election
Description
How to fill out Ohio Limited Liability Company LLC Operating Agreement?
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FAQ
Starting an Ohio LLC and electing S corp tax status is easy....Step 1: Name Your LLC.Step 2: Choose Your Ohio Registered Agent.Step 3: File the Ohio LLC Articles of Organization.Step 4: Create an LLC Operating Agreement.More items...?
Ohio does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
Every Ohio LLC owner should have an operating agreement in place to protect the operations of their business. While not legally required by the state, having an operating agreement will set clear rules and expectations for your LLC while establishing your credibility as a legal entity.
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.
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.
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.