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I have decided to start a new llc and then make that an s…

I have decided to start...
I have decided to start a new llc and then make that an s corp for taxes. What form will I need to fill out for an Llc with my wife and I in ohio? How long do I have to fill out the forms to make it an s corp after creating the LLC?
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3/13/2018
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 56,565
Experience: 32 years of experience practicing law and a businessman.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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First, you want to file a Articles of Organization with the Ohio Secretary of State. You can do this on line at the Secretary of State website: https://www.sos.state.oh.us/businesses/filing-forms--fee-schedule/#domestic

Second, you will want to prepare an Operating Agreement setting forth the terms and conditions of your LLC operations..such as purpose, contributions, allocations of income and loss, distribution of cash, management, voting rights, and rights to transfer interests. Third, you will need to obtain an EIN (i.e., Taxpayer Identification Number) from the IRS. You can do this on line in about 10 minutes for no charge at the following IRS website: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online. Fouth, file Form 2553 with the IRS to elect S Corp status. That's it. :)

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I just wanted to let you know that I will be away at a meeting for the next 3 or 4 hours. Should you have a follow up while I’m away, I will address it immediately upon my return. Thank you in advance for your patience. I apologize for any inconvenience.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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Customer reply replied 1 month ago
Would the form for the state of Ohio be an llc partnership? The options are domestic for profit corporation or Domestic llc company filing forms or Domestic Partnerships filing forms. Thanks.

No...It would be a domestic limited liability company.

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Customer reply replied 1 month ago
Even if it was my wife and I? It wouldn't be a partnership?

No, legally it's an LLC. And, you're then electing in your EIN application for it to be taxed as a corporation. Then, filing Form 2553 to elect S Corp status.

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Customer reply replied 1 month ago
Filling This out, what is the Statutory agent? I want my wife and I to be 50 50 or for her to own the entire thing but I am able to make decisions. What's the best way to do that?

It's best to be 50/50 since it's marital property anyway. A statutory agent is the person you designate...either you or your wife...to be the designated period to receive any notices sent to your entity.

Richard
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