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 Oregon With S Corp Election
State:
Oregon
Control #:
OR-00LLC-1
Format:
Word;
Rich Text
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How to fill out Oregon Limited Liability Company LLC Operating Agreement?
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FAQ
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.
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.
S corporations doing business in Oregon or receiving income from Oregon sources are required to file Form OR-20-S, Oregon S Corporation Tax Return. For Oregon tax purposes, S corporation income generally is taxable to the shareholders rather than the corporation.
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.
You can start an S corporation (S corp) in Oregon 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.
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For most people wanting to start a business, creating an Oregon limited liability company (LLC) is the fastest and easiest way. However, with the right support, you'll be able to successfully form your Oregon LLC so you can start doing business as a limited liability company.Want to reduce personal liability for you and your business partners? A Limited Liability Company (LLC) might be right for you. If you form an LLC, you'll also need to file IRS Form 2553 to elect a tax classification. Many LLCs will elect the indemnification clause. Many owners of single or multiplemember LLCs elect S corporation tax status for the LLC once formed.