I have a small business in OKC and I would like to file the S-corp election this year. I am trying to fill in the necessary forms and a simple google search resulted in the following information:
I am a little lost on how to fill in some of these documents. I may call my attny, but I figured I would dig a bit deeper and post to B&I forum first.
Is my understanding above correct?
I need fill in an (1) 8832 Entity Classification Election and a (2) 2553 Election by a Small Business Corporation.Quote:
For tax purposes, by default, an LLC with one member is treated as a sole proprietorship. By default, LLCs with more than one member are treated as partnerships. However, an LLC can elect to be treated as an association taxable as a corporation by filing Form 8832, Entity Classification Election. And, once it has elected to be taxed as a corporation, an LLC can file a Form 2553, Election by a Small Business Corporation, to elect tax treatment as an S corporation.
I am a little lost on how to fill in some of these documents. I may call my attny, but I figured I would dig a bit deeper and post to B&I forum first.
Is my understanding above correct?