Operating Agreement Llc Sample With S Corp Election
Description
How to fill out Operating Agreement Of Minnesota Corn Processors, LLC?
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FAQ
If you want your LLC to be taxed as an S corporation, you need to file IRS Form 2553, Election by a Small Business Corporation. If you file Form 2553, you do not need to file Form 8832, Entity Classification Election, as you would for a C corporation. You may use online tax filing, or can file by fax or mail.
And, once it has elected to be taxed as a corporation, an LLC can file a Form 2553, Election by a Small Business Corporation, to elect tax treatment as an S corporation.
If you have a limited liability company (LLC), electing to tax it an S corporation could be helpful. Of course, the process for choosing a tax status is entirely dependent on your business' financial situation.
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.
Similarly, corporations (S corps and C corps) are not legally required by any state to have an operating agreement, but experts advise owners of these businesses to create and execute their version of an operating agreement, called bylaws.