Llc Operating Agreement Maryland With S Corp Election
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FAQ
A Maryland LLC operating agreement is a document that is designed to guide member-managed entities or sole proprietors through the process of establishing the various procedures and policies according to the type of business.
To elect Corporation status, the LLC must file IRS Form 8832 - Entity Classification Election. To elect S Corporation status, the LLC must file IRS Form 2553 - Election by a Small Business Corporation.
Every Maryland LLC owner should have an operating agreement in place to protect the operations of their business. While not legally required by the state, having an operating agreement will set clear rules and expectations for your LLC while establishing your credibility as a legal entity.
You can start an S corporation (S corp) in Maryland by forming a limited liability company (LLC) or a corporation, and then electing S corp status from the IRS when you apply for your EIN. An S corp is an IRS tax classification, not a business structure. The S corp status is used to reduce a business's tax burden.
An S corp operating agreement is a business entity managing document. Typically, an operating agreement is a document that defines how a limited liability company will be managed. An S corp actually uses corporate bylaws and articles of incorporation for the purpose of organizing the business operation.