Define Fillable Fields In Legal Wyoming Startup For S-Corporation Forms For Free

To form a Wyoming S corp, you'll need to ensure your company has a Wyoming formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.

In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders.

To change your LLC to an S-corp, you will need to file IRS Form 2553. It should be noted that in order to take advantage of the S-corp election, you'll need to convert your LLC to an S-corp by March 15th, or within 75 days of starting the LLC. If you miss this deadline you can apply for Late S-corp Election Relief.

Wyoming does not have any state taxes, as such has no need for S Corporations. If you want S Corporation status, you must file Form 2553 with the IRS, which is included in the corporate kit we send you, within 75 days from the date of formation of the company or by March 15th of any given tax year.

The Difference Between an LLC and an S-Corp There is no Board of Directors or administrative officers, and there are no requirements for management to meet annually and distribute information to members. An S-Corp, however, must adopt the management structure of a Corporation.

The S corp. may be owned by individuals (either U.S. citizens or permanent residents, but not nonresidents) and certain trusts and estates, but not by business entities such as C corporations and partnerships.