Sample Letter regarding Articles of Incorporation — Election of Sub-Statetu— - South Dakota [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Election of Sub-S Status for Articles of Incorporation — South Dakota Dear [Recipient's Name], I hope this letter finds you in good health and high spirits. I am writing to officially elect Subchapter S Corporation (Sub-S) status for [Company Name], incorporated under the laws of the state of South Dakota. [Company Name] is a reputable business entity that fulfills all the requirements to qualify for Sub-S status. We firmly believe that electing Sub-S status will benefit the company by allowing us to avail various tax benefits and operate under a more flexible corporate structure. In accordance with the Internal Revenue Code section 1362(a), we hereby request the Internal Revenue Service (IRS) to treat [Company Name] as an S Corporation effective from [Effective Date] for federal income tax purposes. To initiate this election process, we are enclosing the following documents with this letter: 1. Articles of Incorporation: [Include a copy of the Articles of Incorporation] 2. Subchapter S Election Form (Form 2553): [Include a completed Form 2553] To ensure a smooth processing of our request, we have taken care to complete the Form 2553 accurately. We have also attached all necessary supporting documentation as required by the IRS guidelines. Please find the enclosed documents and kindly review them. If any additional information or documentation is required, please inform us promptly, and we will gladly provide it. We kindly request you to process our request for Sub-S election as soon as possible. Your timely action will enable us to take advantage of the Sub-S status for the upcoming tax year. If you have any questions or require any further information, please do not hesitate to contact me at [Your Phone Number] or [Your Email Address]. I am readily available to address any concerns or queries you may have regarding this matter. Thank you for your attention to this important matter, and we look forward to receiving confirmation of our Sub-S election in due course. Sincerely, [Your Name] [Your Title] [Company Name]
South Dakota Sample Letter regarding Articles of Incorporation - Election of Sub-S Status
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How to fill out South Dakota Sample Letter Regarding Articles Of Incorporation - Election Of Sub-S Status?
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FAQ
South Dakota doesn't tax personal income, capital gains, or corporate income. Crime rates are low, and energy costs are relatively inexpensive. Among South Dakota's many attractive qualities, the state's reasonable regulations and its balanced budget make South Dakota an attractive start-up proposition.
LLC members' income is taxed at the federal self-employment tax rate of 15.3% (12.4% for social security and 2.9% for Medicare). South Dakota does not levy state personal or corporate income taxes, though the LLC will most likely need to pay state sales and local taxes, as well as industry-specific taxes.
There is no threshold to reach before a license is needed; if you are operating a taxable business, a license is needed. If you are conducting business in South Dakota you need a license even if you do not have a physical location.
Starting an LLC in the Mount Rushmore State comes with its own unique financial dynamics. South Dakota stands out as an attractive option for business owners due to its lack of state income tax.
The first step is to file a form called the Amended Articles of Organization with the Secretary of State and wait for it to be approved. This is how you officially change your LLC name in South Dakota. The filing fee for the Amended Articles of Organization in South Dakota is $60.
While there are no specific laws that make it more suitable for LLCs than other states, Delaware is the state of choice to incorporate because of their business-friendly corporate tax laws. There's a reason why 66.8% of all Fortune 500 companies choose Delaware as their incorporation state.
Dakota's LLCs will protect your personal assets from the creditors of your business. These creditors could be employees, individuals the business has contracted with, or individuals bringing personal liability claims against the business.
How do you dissolve a South Dakota Corporation? To dissolve your corporation in South Dakota, you must submit the completed Articles of Dissolution form by mail or in person, in duplicate, to the Secretary of State along with the filing fee.
