S Corp Status For Llc In Palm Beach
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FAQ
You can switch your limited liability company's (LLC) tax status to an S corporation, provided it meets the Internal Revenue Service's (IRS) requirements. You don't have to change your business structure, but you'll need to file a form with the IRS.
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.
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.
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.
FL, SD and WY are typically the best for no personal/business taxes. Nexus rules still apply to other states.
An S-Corp election will change your Florida business's tax status with the IRS and alter the manner in which your company pays taxes. It is critical that you meet with a tax specialist before you make an S-Corp election so that you can determine whether or not an S-Corp is the right tax election for your company.
