Pennsylvania Sample Letter regarding Articles of Incorporation - Election of Sub-S Status
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How to fill out Sample Letter Regarding Articles Of Incorporation - Election Of Sub-S Status?
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FAQ
A major reason for choosing S corp. taxation is to save money on self-employment taxes. If an LLC is taxed like a sole proprietorship or partnership, owners are self-employed, and they pay Social Security and Medicare taxes on all business profits, up to federal limits.
LLCs and S corps have much in common: Limited liability protection. The owners of LLCs and S corporations are not personally responsible for business debts and liabilities. Instead, the LLC or the S corp, as the owner of the business, is responsible for its debts and liabilities.
The main difference between an LLC and an S-corp is that an LLC is a type of business entity and an S-corp is a type of tax structure created by the IRS.
Owners of LLCs can allocate profits and losses disproportionately among owners; an S corporation's profits and losses must be allocated strictly based upon ownership percentage. If multiple LLC owners have different roles in the business, this could be especially beneficial.
Instructions for REV-976 Federal subchapter S corporations are no longer required to file the REV-1640, Pennsylvania S Corporation Election and Shareholders' Consent, in order to be granted Pennsylvania S corporation status.
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553PDF for all required information and to determine where to file the form.
LLCs provide more flexibility than S Corps. For S Corps, there are pro-rata requirements for items of income, loss, or distributions. Conversely, owners of LLCs may specially allocate income, loss, and distributions within the parameters of the tax law.
The corporation will receive an acknowledgement if the S corporation election is accepted and when it will take effect. The corporation will also be notified if the election isn't accepted. If the notification of acceptance or nonacceptance is not received, the corporation should follow up by calling 800-829-4933.
