Texas 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
LLC members are subject to the 15.3% combined self-employment tax (12.4% for social security and 2.9% for Medicare). A benefit of doing business in Texas is that there's no state income tax for individuals or corporations. Also, while Texas has an annual franchise tax, most LLCs won't need to pay anything.
Who can own an s corp? An S corp can be owned by any U.S. citizen or U.S. resident. The law requires all owners to be individuals and caps the maximum number of owners at 100.
Once you confirm you meet the requirements, you may apply for S Corporation status with the IRS by filing Form 2553. The State of Texas recognizes the federal S Corp election. Your business will still be subject to franchise taxes with the State of Texas.
Texas S-Corp Filing Service is one-time $375 and includes: *Receive employer identification number.
Although S corporations generally aren't subject to tax, those formerly C corporations are taxed on built-in gains (such as appreciated property) that the C corporation has when the S election becomes effective, if those gains are recognized within five years after the corporation becomes an S corporation.
LLCs can have an unlimited number of members; S corps can have no more than 100 shareholders (owners). Non-U.S. citizens/residents can be members of LLCs; S corps may not have non-U.S. citizens/residents as shareholders. S corporations cannot be owned by corporations, LLCs, partnerships or many trusts.
Advantages. Limited liability: Company directors, officers, shareholders, and employees are given personal liability protection through an s corp. Pass-through taxation: All owners report their share of profit and loss on their individual tax returns. This is then only taxed at the personal level, similar to an LLC.
If there will be multiple people involved in running the company, an S-Corp would be better than an LLC since there would be oversight via the board of directors. Also, members can be employees, and an S-Corp allows the members to receive cash dividends from company profits, which can be a great employee perk.
