This Operating Agreement is used in the formation of any Limited Liability Company. 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.
Llc Operating Agreement Virginia With S Corp Election
State:
Virginia
Control #:
VA-00LLC-1
Format:
Word;
Rich Text
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3. Negotiate and execute an operating agreement. Virginia does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
The S corporation is the only business tax status that lets you save on Social Security and Medicare taxes while avoiding double taxation. An LLC taxed as S corp offers benefits of a corporation while also providing flexibility on income treatment.
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 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.
Virginia recognizes the federal S election, and Virginia S corporations generally are not required to pay state taxes (although a state tax return for informational purposes is required). However, an individual S corporation shareholder will owe tax on his or her share of the company's income.
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Total cost, time, and step-by-step instructions to form a limited liability company in Virginia. Do it yourself or purchase our formation service.Llc or incorporated in operating a new york, the members as a permitted. It is important to note that a limited liability company may elect to be classified as an S corporation for Federal tax purposes. Member compensation depends on each member's role within the business and how you elect to pay LLC taxes. Some states require that a company have this document in place.