This Operating Agreement is for a Limited Liability Company with only one Member. This form may be perfect for an LLC started by one person. You make changes to fit your needs and add description of your business. Approximately 10 pages. It allows for eventual adding of new Members to LLC.
Utah Llc Operating Agreement With S Corp Election
State:
Utah
Control #:
UT-00LLC-2
Format:
Word;
Rich Text
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Description
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How to fill out Utah Llc Operating Agreement With S Corp Election?
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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.
For federal tax purposes, you can simply make an election for the LLC to be taxed as an S-Corporation. All you need to do is fill out a form and send it to the IRS. Once the LLC is classified for federal tax purposes as a Corporation, it can file Form 2553 to be taxed as an S-Corporation.
However, if you're seeking to convert your LLC's tax status from partnership to corporation without changing the LLC's legal form, you only need to file IRS Form 8832 (to be taxed as a C Corporation) or IRS Form 2553 (to be taxed as an S corporation).
You are not legally required to have an Operating Agreement to form and run a Utah LLC. Still, it is recommended that you have one to further protect yourself from personal risk and liability in case of lawsuits against the company.
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Updated March 15, 2022. Include an indicator such as "limited liability company," "L.Releasing any company claim except for payment in full. An LLC operating agreement is not required in Utah, but is highly advisable. Using a professional can ensure you complete the process correctly in just minutes. For entrepreneurs looking to start a business in Utah, creating a Utah limited liability company (LLC) is generally the fastest and easiest way. By default, an LLC pays taxes as a sole proprietorship, which includes self-employment tax on your total profits.