Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
S Corporation Foreign Shareholder In Palm Beach
State:
Multi-State
County:
Palm Beach
Control #:
US-0046-CR
Format:
Word;
Rich Text
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FAQ
Now that you know what an S corp is and its requirements, follow these five steps to form your business as an S corp in Florida. Step 1: Choose a Business Name. Step 2: Articles of Incorporation. Step 3: Apply for a Business License. Step 4: Obtain EIN. Step 5: Complete and Submit IRS Form 2553.
You can register a Florida business with ease even as a foreigner but it is important to note that you will be allowed to form only legal business entities in the state.
Owning an S Corporation requires compliance with specific guidelines, including a maximum of 100 shareholders who must be U.S. citizens or resident aliens (non-US residents who've passed the test of green card), as well as certain trusts and estates.
Can a foreign national start a business in the U.S. without being a resident? “Yes, You Can!” Every day, foreign nationals are setting up US businesses, from major enterprises to small shops. Accessing the US marketplace is the key to success for many businesses around the world.
There is no limit on the number of shareholders a corporation taxed under Subchapter C can have. Anyone can own shares, including business entities and non-U.S. citizens.
If you're not a citizen, you must qualify as a resident alien to own a stake in an S Corp. Resident aliens are those who have moved to the United States and have residency but aren't citizens. Of the below, only permanent residents can own an S Corp.
Similarly, all the members of the U.S. corporation's Board of Directors and all its officers can, if so desired, be non-U.S. nationals and U.S. non-residents. Most states require that all companies formed in the state have a registered agent in the state (more about registered agents can be found here).
Any foreign individual or company can own a C-corp in the US. It is not exclusively for US residents. Ownership in a C-corp is given out by offering company's stock. Ones who own this stock are the called the shareholders of the 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.