Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
S Corp Status For Llc In Palm Beach
State:
Multi-State
County:
Palm Beach
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
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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.
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Review the instructions for filing the Articles of Organization. If your company qualifies for treatment as an SCorp, the first step technically is filing Form 8832.When Does a Corporation Qualify for an S Election? Complete the fillable PDF form using your computer. With help from our knowledgeable business law attorney, you can establish your Florida "S" Corporation or (LLC) easily, affordably, and with confidence. Generally, you must file IRS Form 2553 no later than 2 months and 15 days beyond the date of S corp election. Combining the Benefits of an LLC with an S Corp. There is always the possibility of requesting S Corp status for your LLC. Effective July 1, 1998, the Florida Legislature repealed the imposition of the 5.5 percent Florida corporate income tax on a limited liability company (LLC). Generally, you must file IRS Form 2553 no later than 2 months and 15 days beyond the date of S corp election.