Form with which a corporation may resolve to alter its organization structure from a subchapter (s) corporation to another corporate form.
South Carolina 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
Form CL-1 Initial Annual Report of Corporations must be submitted by both domestic and foreign corporations to the Secretary of State. LLC's filing as a corporation must submit Form CL-1 to SCDOR within 60 days of conducting business in this state.
If you are a Limited Liability Company (LLC), professional organization, or other association taxed as a corporation and not exempt under SC Code Section 12-20-110, you must submit a CL-1 and include a $25 payment.
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.
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.
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)
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).
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.
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)
To register, you must file an Application for a Certificate of Authority to Transact Business with the South Carolina Secretary of State and pay a $110 filing fee. A CL-1 Form must be filed with the application along with a $25 fee. The application may be filed online or by mail.
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.
