South Carolina Articles of Conversion — Partnership Or Limited Partnership To Corporation is a document used to convert a partnership or limited partnership to a corporation in the state of South Carolina. This document must be filed with the South Carolina Secretary of State in order to effectuate the conversion. This document must include the name of the corporation, its purpose, its registered office address in South Carolina, the names and addresses of the directors, and the number of authorized shares of stock. There are two types of South Carolina Articles of Conversion — Partnership to Corporation and Limited Partnership to Corporation.
South Carolina Articles of Conversion - Partnership Or Limited Partnership To Corporation
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South Carolina
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SC-SKU-0853
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Articles of Conversion - Partnership Or Limited Partnership To Corporation
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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.
Likewise, a partnership can choose to operate as an S corporation. These two types of entities share many similarities, but it's always a good idea to talk to a professional accountant within your state to ensure the changes you want to make are in your business's best interest.
However, if you're seeking to convert your LLC's tax status from partnership to corporation without changing the LLC's legal form, you only need to file IRS Form 8832 (to be taxed as a C corporation) or IRS Form 2553 (to be taxed as an S corporation).
To have your business treated as an S corporation, you must file Form 8832 to inform the IRS that you no longer want your LLC to be taxed as a partnership or sole proprietorship. When you file your 8832, you need to indicate the first day of the tax year in which your S corporation status went into effect.
If the partnership agreement so requires, hold a meeting of partners and pass a resolution to dissolve the partnership and form a corporation. If the partnership agreement does not provide any specific process for incorporation, dissolve the partnership ing to the law of your state.
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders.
Let's say you're considering converting your partnership into an S corporation. The reason might be to reduce exposure for you and the other owners to Social Security and Medicare taxes, which come in the form of the self-employment tax for partners.
How to change from LLC to S corp. To make an LLC to S corp. election with the IRS, you need to file form 2553 Election by a Small Business Corporation. The form must be signed by shareholders and an officer of the company.