I believe its the Form 2553, however I'm not sure. Is this the right form: http://missouribusiness.net/irs/pdfs/f2553.pdf
2006-06-30 01:48:23 · 7 answers · asked by bigman8424 1 in Business & Finance ➔ Small Business
In the State of Massachusetts.
2006-06-30 01:49:52 · update #1
when changing your small business status to corp. or inc. you should always do it throough a business lawyer. It's a litle pricy but it'll insure that you make the right decisions at the right times. You are going to be better off in the long run. If you choose not to follow that route I'd suggest that you call the IRS locally and they can walk you through the whole process all over the phone. Most people aren't aware that these services exist at all. and they are free for the asking and the patience of being on hold a lot.
2006-06-30 02:04:36 · answer #1 · answered by Ricky J. 6 · 0⤊ 0⤋
Yes, 2553 is the correct form, assuming you have an established a Corporation, or LLC.
Once you've established the Corporation or LLC (costs about $1000 with fees), then you have to file the 2553 AND, if you have an LLC, you also have to notify the IRS that you're electing to have the LLC treated as a Corporation.
Link to the IRS Form 2553 is below.
Alternativelly, if you have an LLC, then you don't do anything, and the LLC is treated as a Partnership for tax purposes, and no S-Corp election is needed.
This is a situation where you should sit down with a lawyer or CPA.
2006-07-13 03:54:27 · answer #2 · answered by gary b 1 · 0⤊ 0⤋
I very strongly suggest that you consult with an attorney. It will cost you about $2,000 to set up the SCorp. It is worth every penny. If you rely on the IRS for proper information, you are doomed to failure. Plus the attorney will coordinate the full books, stock certificates, state and federal filings, etc,etc, I know because I did this about 6 years ago.
By the way I am NOT an attorney.
Good luck
2006-07-10 00:31:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the advantages for sure will be to get vendors to rfile extra income, on condition that they'd could. The purpose of the provision became to get extra tax revenues by utilizing making vendors could rfile smaller revenues to persons. In practice besides the undeniable fact that, it does look like the effect will be to reason agencies of all sizes the extra hardship of filing 1099 kinds for all unmarried transaction purchases of $600 or extra. It sounds like alot of dems opt to repeal or regulate this provision too. Its no longer a huge Liberal conspiracy to exhibit small agencies in "auditor bots". Its a strong concept, merely complicated to finish. In a suitable international, vendors would rfile this income and pay tax on it out of honesty.
2016-10-13 23:52:25 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You need to get with an attorney or your CPA to start a corporation.
2006-07-10 08:32:22 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Go interact with the IRS people and they would assist you.
2006-07-01 03:23:20 · answer #6 · answered by roli 2 · 0⤊ 0⤋
www.irs.gov
2006-07-14 01:52:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋