Autofill Legal Washington Startup For S-Corporation Forms For Free

A Washington S corporation doesn't pay income taxes. Even if a corporation with more than one shareholder has to file tax returns, the owners have to include their share of the income or loss on their own tax returns, just like with LLCs or partnerships.

Introduction to S Corp in Washington A Washington S corporation doesn't pay income taxes. Even if a corporation with more than one shareholder has to file tax returns, the owners have to include their share of the income or loss on their own tax returns, just like with LLCs or partnerships.

If you wish to be treated as an S-corporation (Form 1120S for pass-through taxation), you must complete Form 2553 ? Election by a Small Business Corporation within 75 days of forming your business (see Form 2553 Instructions). The IRS doesn't recognize LLCs as a classification for tax purposes.

Even though the S corporation does not pay income tax, it has a responsibility to file an annual tax return on Form 1120S. This tax form is for informational purposes only and provides the IRS with an aggregate view of the business' earnings and expenses.

Nevada, South Dakota, and Wyoming have no corporate or individual income tax (though Nevada imposes gross receipts tax. Unlike a sales tax, a gross receipts tax is assessed on businesses and apply to business-to-business transactions in addition to final consumer purchases, leading to tax pyramiding.

To officially register your Washington LLC, file a Certificate of Formation with the Secretary of State and pay the filing fee. The Certificate of Formation can be filed online or by filing a hard copy with the Washington Secretary of State. The filing fee is $200 if filling online and $180 if filing by mail.