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File Your Georgia LLC Articles of Organization Select a Name for Your LLC. Choose an Effective Date. Provide the Name and Address of Your Resident Agent. Give Contact Information for Each Organizer. Provide Principal Office Mailing Address. Include Authorized Signature. Attach Any Needed Statements.
Georgia recognizes the federal S corporation election and does not require a state-level S corporation election.
Corporate Income Tax The rate of taxation is 5.75% of a corporation's Georgia taxable net income. If S Corporation status is recognized for Georgia purposes, the shareholders of the corporation pay the tax as opposed to the corporation paying the tax.
Georgia recognizes the federal S corporation election and does not require a state-level S corporation election.
Key takeaways: S corp: Owners can take a salary and avoid self-employment taxes on the rest of the profits. LLC: Owner must pay self-employment tax on all net profits if taxed as a sole proprietorship or partnership.
If there will be multiple people involved in running the company, an S-Corp would be better than an LLC since there would be oversight via the board of directors. Also, members can be employees, and an S-Corp allows the members to receive cash dividends from company profits, which can be a great employee perk.
Members of Georgia LLCs pay state income tax and the federal self-employment tax of 15.3% (12.4% for social security and 2.9% for Medicare). Single-member LLCs (SMLLC) are taxed as sole proprietors (aka ?disregarded entities?) by default, whereas multi-member LLCs are taxed as partnerships.
A corporation that has issued shares and commenced business may dissolve by filing a Notice of Intent to Dissolve pursuant to O.C.G.A. 14-2-1403 and Articles of Dissolution pursuant to O.C.G.A. 14-2-1408. Form CD 410 and CD 412 may be used for this purpose.