Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
S Corporation With Llc Subsidiary In Miami-Dade
State:
Multi-State
County:
Miami-Dade
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
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FAQ
If previously registered, you must provide a copy of the IRS Notice of Acceptance as an S corporation or provide a copy of the first page of the federal form 1120-S. You can submit your status change request online.
FL, SD and WY are typically the best for no personal/business taxes. Nexus rules still apply to other states.
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.
Because of the one-class-of-stock restriction, an S corporation cannot allocate losses or income to specific shareholders. Allocation of income and loss is governed by stock ownership, unlike partnerships or LLCs taxed as partnerships where the allocation can be set in the partnership agreement or operating agreement.
The short answer: yes, an S corp can own an LLC. But in this guide, we'll dig into that, including what LLCs and S corps are, which business owners can qualify for S corp status, and even why an S corp might own an LLC.
Filing an S Corp in Florida Step 1: Choose a Name. Use the Florida Department of State to find a business name that's not being used by another entity. Step 2: File your Articles of Incorporation. Step 3: Apply for a Business License. Step 4: Get Your EIN. Step 5: Submit the Form.
As a minimum, keep these points in mind as you select a company name: The name cannot be the same as another corporation or LLC on file with the State of Florida. The name should not be confusingly similar to that of an existing corporation or LLC, i.e., the name should be distinguishable.
An S corp can own an LLC. However, an LLC would generally not be able to own an S corp. An exception to this rule is if the LLC 1) is a single-member LLC that is treated as a disregarded entity for federal income tax purposes and 2) meets the eligibility requirements to be an S corporation shareholder.
LLC taxed as an S corporation First, an LLC would need to elect to be taxed as a corporation by filing Form 8832, Entity Classification Election. After that, an LLC can then file a Form 2553, Election by a Small Business Corporation, to elect tax treatment as an S corporation.