Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
S Corporation For Llc In Palm Beach
State:
Multi-State
County:
Palm Beach
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
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.
Quick Summary: It takes 5-7 business days to form an LLC in Florida if you apply by mail and 1-2 business days if filed online. The state of Florida does not offer expedited processing.
LLC: LLCs are permitted to have any number of members, which may be individuals, other LLCs, or corporations.
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.
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.
To start an LLC in Florida yourself, you need to choose a name for your LLC, prepare and file articles of organization, create an operating agreement, obtain an EIN, and get a business license. Then you can establish a bank account and take the next steps.