Kentucky Conversion Agreement
Description
How to fill out Conversion Agreement?
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FAQ
Converting your LLC to an S Corporation can help prime your business for growth. S Corporations can save you money on taxes and help you attract investors. But, as with all business decisions, you'll have to consider the costs and benefits of converting.
To elect for S-Corp treatment, file Form 2553. You can make this election at the same time you file your taxes by filing Form 1120S, attaching Form 2533 and submitting along with your personal tax return.
For a single-member LLC, S Corp election offers significant tax savings on the profits above reasonable compensation that's passed on to the owner. This money is not subject to FICA payroll taxes like employee wages are and also not subject to self-employment tax, like sole proprietorship profits.
While most LLC owners will not elect to file as a C corp, due to the high corporate income tax rate of 21%, LLC owners can choose to file taxes as an S corp and take advantage of lower individual tax rates.
If a foreign corporation or foreign LLC registered in Kentucky no longer wants to do business there, it can apply to withdraw its registration in the state. To do so, the corporation or LLC would submit a Certificate of Withdrawal, and an exact copy, to the Kentucky Secretary of State (SOS) by mail or in person.
File an Articles of Domestication Kentucky To formally move your LLC from the LLC's home state to Kentucky, you need to file articles of domestication known as Amended Certificate of Authority with the Kentucky Secretary of State. Filing the Kentucky Amended Certificate of Authority changes the domicile of your LLC.
To form a Kentucky S corp, you'll need to ensure your company has a Kentucky formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.
To amend your Kentucky LLC Articles of Organization you submit form Articles of Amendment to the Kentucky Secretary of State (SOS). The form is available in your online account once you sign up with Northwest. You can also find the amendment form on the SOS website.
