West Virginia LLC Operating Agreement - Taxed as a Partnership
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How to fill out LLC Operating Agreement - Taxed As A Partnership?
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Similarly, corporations (S corps and C corps) are not legally required by any state to have an operating agreement, but experts advise owners of these businesses to create and execute their version of an operating agreement, called bylaws.
California LLCs are required to have an Operating Agreement. This agreement can be oral or written. If it's written, the agreementsand all amendments to itmust be kept with the company's records. Limited Liability Companies in New York must have a written Operating Agreement.
Step 1: Name Your LLC.Step 2: Choose Your West Virginia Registered Agent.Step 3: File the West Virginia LLC Articles of Organization.Step 4: Create an LLC Operating Agreement.Step 5: Get an EIN and Complete Form 2553 on the IRS Website.
TL;DR: Yes, you have every right to do your own S-Corporation tax return, but we really don't recommend it. The amount of time you'd spend researching all the rules and regulations could better be spent doing what you do best and leaving the nitty-gritty to tax professionals like us!
Virginia does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
An LLC operating agreement is a document that customizes the terms of a limited liability company according to the specific needs of its members. It also outlines the financial and functional decision-making in a structured manner. It is similar to articles of incorporation that govern the operations of a corporation.
To register a business as an S corporation, Articles of Incorporation (sometimes called a Certificate of Incorporation or Certificate of Formation), must be filed with the state and the necessary filing fees paid. After incorporation, Form 2553 must be filed with the IRS in order to elect S corporation status.
Why do you need an operating agreement? To protect the business' limited liability status: Operating agreements give members protection from personal liability to the LLC. Without this specific formality, your LLC can closely resemble a sole proprietorship or partnership, jeopardizing your personal liability.
Every West Virginia LLC owner should have an operating agreement in place to protect the operations of their business. While not legally required by the state, having an operating agreement will set clear rules and expectations for your LLC while establishing your credibility as a legal entity.