Corporate Status Vs S Corporation Status In Washington
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FAQ
In Washington, an S corporation is treated as a regular C corporation for state tax purposes because the state does not recognize the federal S corporation election.
LLC members may be any person or organization while S Corporation shareholders must be individual U.S. citizens or U.S. residents, estates or certain trusts (they cannot be other corporations or LLCs). Also, the number of shareholders is limited for an S Corporation while an LLC may have an unlimited number of members.
The C corporation is the standard (or default) corporation under IRS rules. The S corporation is a corporation that has elected a special tax status with the IRS and therefore has some tax advantages. Both business structures get their names from the parts of the Internal Revenue Code that they are taxed under.
Filing as an S Corp in Washington Step 1: Choose a Business Name. Step 2: Appoint Directors and a Registered Agent. Step 3: File Articles of Incorporation. Step 4: Create an S Corp Operating Agreement. Step 5: Apply for an Employer Identification Number. Step 6: File Form 2553 for S Corporation Election.
LLC members may be any person or organization while S Corporation shareholders must be individual U.S. citizens or U.S. residents, estates or certain trusts (they cannot be other corporations or LLCs). Also, the number of shareholders is limited for an S Corporation while an LLC may have an unlimited number of members.
Corp Election teps for LLCs tep 1 Choose a Name. tep 2 Appoint a registered agent. tep 3 File a Washington Certificate of Formation. tep 4 Create an operating agreement. tep 5 Apply for an EIN. tep 6 Apply for Corp status with IR Form 2553.
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553 PDF for all required information and to determine where to file the form.
In Washington, an S corporation is treated as a regular C corporation for state tax purposes because the state does not recognize the federal S corporation election.
Corp Election teps for LLCs tep 1 Choose a Name. tep 2 Appoint a registered agent. tep 3 File a Washington Certificate of Formation. tep 4 Create an operating agreement. tep 5 Apply for an EIN. tep 6 Apply for Corp status with IR Form 2553.