S Corporation Form In Michigan
Description
Form popularity
FAQ
To form a Michigan S corp, you'll need to ensure your company has a Michigan formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.
Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.
You must file a Michigan return if you file a federal return or your income exceeds your Michigan exemption allowance. A return must be filed even if you do not owe Michigan tax. Select the tax year link desired to display the list of forms available to download.
Michigan Corporate Income Tax (CIT) The CIT imposes a 6% corporate income tax on C corporations and taxpayers taxed as corporations federally.
Attach this schedule to Form 518, Registration for Michigan Taxes and mail it to the Michigan Department of Treasury.
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.
