Arizona Sample Letter regarding Articles of Incorporation — Election of Sub-S Status is a legal document used by businesses in Arizona to declare their intention to elect Subchapter S (Sub-S) status for tax purposes. This letter serves as a written notification to the Arizona Corporation Commission (ACC) of the corporation's decision to become an S Corporation. Keywords: Arizona, Sample Letter, Articles of Incorporation, Election, Sub-S Status, Subchapter S, Tax purposes, Arizona Corporation Commission, S Corporation. There are two types of Arizona Sample Letters regarding Articles of Incorporation — Election of Sub-S Status: 1. Simple Arizona Sample Letter regarding Articles of Incorporation — Election of Sub-S Status: This letter includes a straightforward declaration from the corporation stating its intent to become an S Corporation. It includes the necessary details such as the corporation's name, address, date of incorporation, and a statement expressing the corporation's desire to be treated as an S Corporation for tax purposes. The letter is dated, signed by an authorized representative of the corporation, and submitted to the Arizona Corporation Commission. 2. Comprehensive Arizona Sample Letter regarding Articles of Incorporation — Election of Sub-S Status: This letter is more detailed and provides additional information, ensuring a complete submission to the Arizona Corporation Commission. In addition to the basic information mentioned in the simple letter, this comprehensive letter may include the corporation's federal identification number (EIN), the initial number of shares authorized and issued, and any changes to the corporation's name or address (if applicable). It may also include supporting documents such as a copy of the corporation's bylaws and a statement of acceptance from the corporation's directors. Both types of sample letters fulfill the requirement of notifying the Arizona Corporation Commission about the corporation's intention to elect S Corporation tax status. Corporations may choose the type of letter that best suits their needs and level of detail required for compliance. Note: It is advisable to consult with a legal professional or tax advisor when preparing this letter to ensure accuracy and compliance with Arizona state laws and regulations surrounding the election of Sub-S status.
Arizona Sample Letter regarding Articles of Incorporation - Election of Sub-S Status
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How to fill out Arizona Sample Letter Regarding Articles Of Incorporation - Election Of Sub-S Status?
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FAQ
FAQs About IRS Form 2553 The IRS will let you know whether your S corp election has been accepted within 60 days after you file Form 2553. However, if you checked box Q1 in Part II requesting that the IRS send you a ruling letter, acceptance of Form 2553 can take an additional 90 days.
First, an LLC would need to elect to be taxed as a corporation by filing Form 8832, Entity Classification Election. After that, an LLC can then file a Form 2553, Election by a Small Business Corporation, to elect tax treatment as an S corporation.
Requirements for filing for S corp status Be a domestic corporation. Have only allowable shareholders. Allowable shareholders include individuals, certain trusts, and estates. Non-allowable shareholders include partnerships, corporations, or non-resident aliens.
Requirements for an S corporation include: The corporation must not have more than 100 shareholders. All shareholders must be individuals, estates, certain tax-exempt organizations, or certain kinds of trusts. None of the individual shareholders can be classified as a nonresident alien.
Most importantly, you must have no more than 100 shareholders to qualify as an S-corporation. You must also only have what the IRS defines as ?eligible shareholders,? meaning shareholders must be individuals, certain trusts or estates. Shareholders also must be U.S. citizens or legal residents.
Your company must: Be a domestic entity. Have allowable shareholders or members. Have no more than 100 shareholders or members. Offer only one class of stock. Not be an ineligible corporation, such as financial institutions, insurance companies, or domestic international sales corporations.
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553PDF for all required information and to determine where to file the form.
