Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
S Corporation Form In Hillsborough
State:
Multi-State
County:
Hillsborough
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
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.
Active Corporations Not Required to File You subsequently make a federal election to be a S corporation. Notify the Florida Department of Revenue of this change online, noting your account is in business, but does not have to file Florida corporate income tax returns.
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.
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.
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.