S Corporation Operating Agreement With Llc
Description
How to fill out LLC Operating Agreement - Taxed As A Partnership?
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FAQ
Hear this out loud PauseAn operating agreement for LLC taxed as S corporation is the entity's main governing document. By default, an LLC is treated like a partnership for taxation purposes. So, most standard operating agreement forms are designed as modified agreements for partnerships.
Hear this out loud PauseIn 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 2553PDF for all required information and to determine where to file the form.
Hear this out loud PauseInstead of using an operating agreement, which is specific to an LLC, an S corporation will rely on its corporate bylaws and articles of incorporation. All states require S corporations to use articles of incorporation. However, corporate bylaws are not required in every state.
Hear this out loud PauseDraft the Operating Agreement These documents should include the roles and rights of the shareholders, how decisions are made, and how profits and losses are distributed. Additionally, the agreement should contain provisions to handle changes in ownership, dissolution, and dispute resolution.
Instead of using an operating agreement, which is specific to an LLC, an S corporation will rely on its corporate bylaws and articles of incorporation. All states require S corporations to use articles of incorporation. However, corporate bylaws are not required in every state.