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In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders.
Step 1: Name Your New Jersey LLC. ... Step 2: Choose a Registered Agent. ... Step 3: File the New Jersey Certificate of Formation. ... Step 4: Register for State Taxes. ... Step 5: Create an Operating Agreement. ... Step 6: File Form 2553 to Elect New Jersey S Corp Tax Designation.
Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.
New Jersey LLCs taxed as S-corp Your LLC can file for S-corp status with IRS Form 2553. Check the IRS S-corp requirements to make sure your LLC qualifies, as only US-originating companies within certain limits on shareholders and stock can become S-corps.
With the enactment of A.B. 4295 on December 22, 2022, New Jersey became the latest state to amend their tax laws to automatically conform to the federal S corporation election. Historically, most states have recognized the federal S corporation election. New Jersey, however, has required a separate state election.