Add Text Field To Legal Louisiana Startup For S-Corporation Forms For Free

When it comes to accounting, the easiest time to switch is January 1st. Forming your S Corp at the beginning of the tax year makes record keeping and tax preparation easier because you'll need to track your S Corp finances separately from your sole proprietor finances.

The Secretary may grant a reasonable extension of time to file the com- bined corporation income and franchise tax return not to exceed seven months from the due date of the tax return. Louisiana will recognize and accept the federal extension authorizing the same extended due date as the federal.

As long as you're the only owner, you're automatically granted the status of sole proprietor without having to do anything. In comparison, incorporation is the legal process of forming a company. You're forming a business entity and creating a legal separation between your personal assets and the business's assets.

Which Is Better: S Corporation or Sole Proprietorship? In the end, an S Corporation may be better than a sole proprietorship if you have a large company and wish to limit your personal liability, want to avoid double taxation, want to raise capital, or want to be able to issue a specific type of stock.

Step 1: Name your Louisiana LLC. Start by giving your LLC a name. ... Step 2: Designate a registered agent in Louisiana. ... Step 3: File Louisiana Articles of Organization. ... Step 4: Create an LLC operating agreement. ... Step 5: Apply for an EIN for your Louisiana LLC. ... Step 6: File form to apply for S corp status.

Technically an S Corporation is a pass-through entity but Louisiana income tax law does not recognize Subchapter S corporation status. An S corporation is required to file income tax in the same manner as a C corporation.