S Corporation Form In Broward
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To complete the steps and gain S corp status, fill out and submit IRS Form 2553. This form allows a corporation to elect to be treated as an S corp in Florida. After completing IRS Form 2553, you'll fax it to the IRS.
While both the Florida LLC and Florida S-Corporation protect the owners' individual assets from business liabilities, only the LLC shields business ownership from creditors of the shareholders. An S-Corp offers similar liability protection but requires specific ownership and tax structure considerations.
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 2553 PDF for all required information and to determine where to file the form.
Now that you know what an S corp is and its requirements, follow these five steps to form your business as an S corp in Florida. Step 1: Choose a Business Name. Step 2: Articles of Incorporation. Step 3: Apply for a Business License. Step 4: Obtain EIN. Step 5: Complete and Submit IRS Form 2553.
Choose a business name for your S corp. File articles of incorporation. Issue stock for your S corp. Elect a board of directors and appoint officers. Meet other S corp eligibility requirements. Obtain an employer identification number. Elect S corp status. Apply for state and local S corp business licenses.
Steps to convert LLC to S-Corp Elect S-Corp status: You will need to file Form 2553, “Election by a Small Business Corporation,” with the IRS. Form 2553 will need to be signed by all shareholders, and then filed within two months and 15 days after the beginning of the tax year in which the election is to take effect.
Now that you know what an S corp is and its requirements, follow these five steps to form your business as an S corp in Florida. Step 1: Choose a Business Name. Step 2: Articles of Incorporation. Step 3: Apply for a Business License. Step 4: Obtain EIN. Step 5: Complete and Submit IRS Form 2553.
