Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
S Corporation For Real Estate In Nassau
State:
Multi-State
County:
Nassau
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
If the shareholder(s) of an S corporation made an S election for federal purposes, New York State does not automatically treat the company as a New York S corporation unless they are mandated to file as an S corporation under Tax Law § 660(i).
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.
How to Start an S Corp in New York Step 1: Choose a Business Name. Step 2: Obtain EIN. Step 3: Certificate of Incorporation. Step 4: Registered Agent. Step 5: Corporate Bylaws. Step 6: Directors and Meeting Requirements. Step 7: Stock Requirements. Step 8: Biennial Statement.
There are ten steps you'll complete to start an S Corp in New York. Step 1: Choose a Business Name. Step 2: Obtain EIN. Step 3: Certificate of Incorporation. Step 4: Registered Agent. Step 5: Corporate Bylaws. Step 6: Directors and Meeting Requirements. Step 7: Stock Requirements. Step 8: Biennial Statement.
Every corporation, domestic or foreign, must have a Registered Agent with a registered office within the State of New York at all times.
An S-corp has annual member meetings, bylaws, meeting minutes, and other corporate records. LLCs do not have as many requirements. S-corps tend to work better for property flippers who have multiple projects at any given time. If you flip properties with a friend, an S-corp may be a good idea.
The easiest and most affordable way to protect and separate your business and personal assets is to structure your rental property business as an LLC. If you need a more rigid management structure or your business is larger, than an S corp may be more appropriate for you.
In general, rental property owners may receive the most benefit by making an LLC for each rental property. Individual LLCs limit liability to just the actual property each LLC possesses, along with any other assets the LLC owns.
While corporations enjoy many benefits, such as limited liability and separate legal existence, they also face certain disadvantages, one of which is double taxation. This is a tax scenario unique to corporations.