Form with which a corporation may resolve to alter its organization structure from a subchapter (s) corporation to another corporate form.
New Jersey Terminate S Corporation Status - Resolution Form - Corporate Resolutions
State:
Multi-State
Control #:
US-0054-CR
Format:
Word;
Rich Text
Instant download
Description
How to fill out Terminate S Corporation Status - Resolution Form - Corporate Resolutions?
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FAQ
An S corporation election may be terminated involuntarily if the entity ceases to qualify as a small business corporation or its passive income exceeds the passive income limitation. An S corporation ceases to qualify as an S corporation if it does not meet the criteria in Sec.
To revoke S corp status, the company must send a letter to the IRS requesting the revocation. The letter must be signed by all shareholders who agreed to it. According to the IRS, the letter should state that the corporation revokes the election made under Section 1362(a).
To revoke a Subchapter S election/small business election that was made on Form 2553, submit a statement of revocation to the service center where you file your annual return. The statement should state: The corporation revokes the election made under Section 1362(a)
Inadvertent Termination of the S Election An entity will cease being a small business corporation if at any time it issues a second class of stock, acquires more than 100 shareholders, or has an ineligible shareholder.
If business owners want to revoke the S Corp election retroactively to the first day of their tax year, they must submit their statement by the 16th day of the third month of the tax year.
An S corporation election may be terminated involuntarily if the entity ceases to qualify as a small business corporation or its passive income exceeds the passive income limitation. An S corporation ceases to qualify as an S corporation if it does not meet the criteria in Sec.
To revoke an election, a letter of revocation must be filed with the NJ Division of Revenue and Enterprise Services, using the online SCORP application, signed by all shareholders holding more than 50% of the outstanding shares of stock on the day of the revocation and filed with a copy of the original election form.
If business owners want to revoke the S Corp election retroactively to the first day of their tax year, they must submit their statement by the 16th day of the third month of the tax year.
In general, you cannot dissolve a business with S Corp status without the approval of shareholders or the board of directors. Approval must come from shareholder and director resolutions, which must be recorded in official corporate records.
To revoke a Subchapter S election/small business election that was made on Form 2553, submit a statement of revocation to the service center where you file your annual return. The statement should state: The corporation revokes the election made under Section 1362(a)
