Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
S Corp Status For Llc In Cuyahoga
State:
Multi-State
County:
Cuyahoga
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
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FAQ
Starting An S Corp In Ohio Step 1: Form an LLC or corporation. Step 2: Nominate a registered agent. Step 3: Get an Employer Identification Number (EIN). Step 4: Issue stocks and prepare initial documents. Step 5: Elect the Subchapter S corporation.
Ohio does not have an extension request form, but honors the IRS extension.
Electing S Corporation Status by Filling Form 2553 Once your LLC or corporation is formally recognized by the state, you're ready to file paperwork with the IRS. The form you'll need is IRS Form 2553, Election by a Small Business Corporation.
An LLC or C-Corp can have any number of owners, including single owners. An S-Corp or LLC taxed as an S-Corp can have no more than 100 owners and those owners cannot be partnerships, corporations, non-resident aliens or certain types of trusts.
An S corporation may each year file a master income tax return, Form IT-1040M, on behalf of and as agent for its electing nonresident shareholders having no Ohio-sourced income other than their distributive share of income from the S Corporation.
LLCs are unlimited. All shareholders of S corporations must be U.S. citizens. LLCs may have international members. S corporations cannot be owned by any other entity, such as another corporation, LLC or partnership; however, LLCs have this possibility.
