South Dakota 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
South Dakota doesn't tax personal income, capital gains, or corporate income. Crime rates are low, and energy costs are relatively inexpensive. Among South Dakota's many attractive qualities, the state's reasonable regulations and its balanced budget make South Dakota an attractive start-up proposition.
LLC members' income is taxed at the federal self-employment tax rate of 15.3% (12.4% for social security and 2.9% for Medicare). South Dakota does not levy state personal or corporate income taxes, though the LLC will most likely need to pay state sales and local taxes, as well as industry-specific taxes.
There is no threshold to reach before a license is needed; if you are operating a taxable business, a license is needed. If you are conducting business in South Dakota you need a license even if you do not have a physical location.
Starting an LLC in the Mount Rushmore State comes with its own unique financial dynamics. South Dakota stands out as an attractive option for business owners due to its lack of state income tax.
The first step is to file a form called the Amended Articles of Organization with the Secretary of State and wait for it to be approved. This is how you officially change your LLC name in South Dakota. The filing fee for the Amended Articles of Organization in South Dakota is $60.
While there are no specific laws that make it more suitable for LLCs than other states, Delaware is the state of choice to incorporate because of their business-friendly corporate tax laws. There's a reason why 66.8% of all Fortune 500 companies choose Delaware as their incorporation state.
Dakota's LLCs will protect your personal assets from the creditors of your business. These creditors could be employees, individuals the business has contracted with, or individuals bringing personal liability claims against the business.
How do you dissolve a South Dakota Corporation? To dissolve your corporation in South Dakota, you must submit the completed Articles of Dissolution form by mail or in person, in duplicate, to the Secretary of State along with the filing fee.
