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Obtain S Corporation Status - Corporate Resolutions Forms

S Corp Status For Llc In Maricopa

Q: Do I need a business license with an LLC in Arizona?

If your LLC engages in a business type that&#039;s subject to the TPT, you must get the state transaction privilege tax license from the Arizona Department of Revenue. This license is sometimes called a sales tax, resale, wholesale, vendor or tax license.

Category:

Corporations - Minutes and Resolutions - Actions

State:

Multi-State

County:

Maricopa

Control #:

US-0046-CR

Format:

Instant download

Description

The document outlines a resolution for electing S Corp status for an LLC in Maricopa, facilitating a beneficial tax classification under the Internal Revenue Code and the state's tax code. Key features include authorization for officers to perform necessary actions, including the execution of documents to ensure the proper election process. The form includes sections for the directors' resolutions and a certificate of the Secretary, validating the adoption of the resolutions. Filling out the form requires careful attention to corporate names and dates to ensure compliance with legal expectations. Attorneys can utilize this form to streamline the S Corp election process for clients, while partners and owners can benefit by understanding the tax advantages of S Corp status. Associates, paralegals, and legal assistants can assist in document preparation and submission, ensuring all necessary steps are followed correctly. This resolution is specifically designed for those seeking to optimize their business structure in Maricopa.

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FAQ

Benefits of starting an Arizona LLC: Protect your personal liability from your business liability and debts. Quick and simple filing, management, compliance, regulation, and administration of your LLC.

How to Start an S Corp in Arizona Name your LLC. Appoint an Arizona Statutory Agent. File Articles of Organization. Create an operating agreement. Apply for an EIN. Meet the publication requirement in Arizona. Apply for S Corp status with IRS Form 2553.

If your LLC engages in a business type that's subject to the TPT, you must get the state transaction privilege tax license from the Arizona Department of Revenue. This license is sometimes called a sales tax, resale, wholesale, vendor or tax license.

You do not have to convert your LLC into a corporation. Instead, the LLC simply makes an election with the IRS to have the LLC taxed as an S corporation by having all members of the LLC sign an IRS Form 2553 and then file the signed Form 2553 with the IRS. See the Instructions to IRS Form 2553.

Corporations require annual meetings, directors meetings, recorded meeting minutes, and a notable amount of paperwork, while LLCs have little to no maintenance of this type. LLCs not only require less resolutions, but can make executive decisions without the need to hold an official meeting.

For Arizona income tax purposes, Arizona recognizes a corporation's federal subchapter S election and, to the extent that S corporation income is included in federal adjusted gross income, it will be included in Arizona gross income and subject to Arizona tax.