S Corp Status For Llc In Chicago

• Category: Corporations - Minutes and Resolutions - Actions
• State: Multi-State
• City: Chicago
• Control #: US-0046-CR
• Format: Word; Rich Text

Description

The document is a resolution for electing S corporation status for an LLC in Chicago, aimed at streamlining tax treatment under the Internal Revenue Code. This form enables an LLC to request S corporation taxation, which can lead to potential tax benefits, including avoidance of double taxation on corporate income. Key features include the authorization for the corporation's officers to execute necessary documents and certificates, confirming prior actions taken under this authority, and the submission of required election documents to both the Internal Revenue Service and the state tax authority. Users should accurately fill in the corporate name, state, and specific dates, ensuring compliance with local requirements. For attorneys, paralegals, and legal assistants, this form serves as a crucial tool for advising LLC clients on tax status changes. Owners and partners benefit by understanding the implications of S corporation status on their income tax responsibilities. The document's straightforward structure allows for easy editing and filing, making it accessible even for users with limited legal experience.