Chicago Illinois Sample Letter regarding Articles of Incorporation - Election of Sub-S Status

• Category: Letters - Legal - Corporations
• State: Multi-State
• City: Chicago
• Control #: US-0346LTR
• Format: Word; Rich Text

Description

Sample Letter regarding Articles of Incorporation - Election of Sub-S Status Chicago, Illinois Sample Letter regarding Articles of Incorporation — Election of Sub-S Status [Your Name] [Your Address] [City, State, Zip] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, Zip] Subject: Notification of Election to Obtain Sub-S Status for Our Incorporated Business Dear [Recipient's Name], I hope this letter finds you in good health. I am writing to formally notify you of our corporation's intent to elect Subchapter S (Sub-S) status for tax purposes, as permitted under the Internal Revenue Code. Please consider this letter as our official notification and request for Sub-S status. Company Name: [Insert Company Name] State of Incorporation: [Insert State of Incorporation] Date of Incorporation: [Insert Date of Incorporation] Federal Employer Identification Number (VEIN): [Insert VEIN] Our corporation, [Company Name], was duly incorporated in the state of [State of Incorporation] on [Date of Incorporation]. Since our incorporation, we have been operating as a traditional C corporation. However, after careful consideration and consultation with our legal and tax advisors, we have determined that electing Sub-S status would be more advantageous for our business and its shareholders. By electing Sub-S status, we aim to benefit from the following advantages: 1. Pass-through Taxation: Sub-S corporations are not subject to federal income tax at the corporate level; instead, profits, losses, deductions, and credits are passed through to the shareholders' personal tax returns. This allows us to avoid double taxation, thereby enhancing our shareholders' after-tax income. 2. Limited Liability Protection: Similar to a C corporation, our Sub-S corporation will continue to provide limited liability protection to our shareholders, safeguarding their personal assets from business-related liabilities. 3. Perpetual Existence: By electing Sub-S status, our corporation will enjoy continuity in existence, ensuring that our business operations can continue seamlessly in case of changes in ownership or management. To proceed with the election of Sub-S status, we kindly request your assistance in preparing and filing the necessary documents. Specifically, we require the following: 1. Preparation of Articles of Incorporation Amendment: We seek your expertise in amending our original Articles of Incorporation to reflect our intent to elect Sub-S status. 2. Filing the Amendment with the Appropriate Authorities: Once the amendment is prepared, we request your assistance in filing it with the Secretary of State's office in [State of Incorporation]. 3. Obtaining an Updated Certificate of Incorporation: Upon successful filing of the amendment, we kindly request a copy of the updated Certificate of Incorporation reflecting our election of Sub-S status. We understand that there are specific guidelines and deadlines governing the election of Sub-S status. Therefore, we would greatly appreciate it if you could provide us with a timeline and inform us of any fees or additional requirements that may apply. Please let us know if you need any additional information or documentation from our end to facilitate this process. We value your professionalism and expertise in this matter and trust that you will guide us through the necessary steps. Thank you for your attention to this matter, and we look forward to your prompt response. Sincerely, [Your Name] [Your Title] [Company Name] [Email Address] [Phone Number] Keywords: Chicago, Illinois, Sample Letter, Articles of Incorporation, Election of Sub-S Status, corporation, Subchapter S, tax purposes, Internal Revenue Code, tax advisors, C corporation, pass-through taxation, limited liability protection, perpetual existence, Articles of Incorporation Amendment, Secretary of State, Certificate of Incorporation, guidelines, deadlines, fees.

Chicago, Illinois Sample Letter regarding Articles of Incorporation — Election of Sub-S Status [Your Name] [Your Address] [City, State, Zip] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, Zip] Subject: Notification of Election to Obtain Sub-S Status for Our Incorporated Business Dear [Recipient's Name], I hope this letter finds you in good health. I am writing to formally notify you of our corporation's intent to elect Subchapter S (Sub-S) status for tax purposes, as permitted under the Internal Revenue Code. Please consider this letter as our official notification and request for Sub-S status. Company Name: [Insert Company Name] State of Incorporation: [Insert State of Incorporation] Date of Incorporation: [Insert Date of Incorporation] Federal Employer Identification Number (VEIN): [Insert VEIN] Our corporation, [Company Name], was duly incorporated in the state of [State of Incorporation] on [Date of Incorporation]. Since our incorporation, we have been operating as a traditional C corporation. However, after careful consideration and consultation with our legal and tax advisors, we have determined that electing Sub-S status would be more advantageous for our business and its shareholders. By electing Sub-S status, we aim to benefit from the following advantages: 1. Pass-through Taxation: Sub-S corporations are not subject to federal income tax at the corporate level; instead, profits, losses, deductions, and credits are passed through to the shareholders' personal tax returns. This allows us to avoid double taxation, thereby enhancing our shareholders' after-tax income. 2. Limited Liability Protection: Similar to a C corporation, our Sub-S corporation will continue to provide limited liability protection to our shareholders, safeguarding their personal assets from business-related liabilities. 3. Perpetual Existence: By electing Sub-S status, our corporation will enjoy continuity in existence, ensuring that our business operations can continue seamlessly in case of changes in ownership or management. To proceed with the election of Sub-S status, we kindly request your assistance in preparing and filing the necessary documents. Specifically, we require the following: 1. Preparation of Articles of Incorporation Amendment: We seek your expertise in amending our original Articles of Incorporation to reflect our intent to elect Sub-S status. 2. Filing the Amendment with the Appropriate Authorities: Once the amendment is prepared, we request your assistance in filing it with the Secretary of State's office in [State of Incorporation]. 3. Obtaining an Updated Certificate of Incorporation: Upon successful filing of the amendment, we kindly request a copy of the updated Certificate of Incorporation reflecting our election of Sub-S status. We understand that there are specific guidelines and deadlines governing the election of Sub-S status. Therefore, we would greatly appreciate it if you could provide us with a timeline and inform us of any fees or additional requirements that may apply. Please let us know if you need any additional information or documentation from our end to facilitate this process. We value your professionalism and expertise in this matter and trust that you will guide us through the necessary steps. Thank you for your attention to this matter, and we look forward to your prompt response. Sincerely, [Your Name] [Your Title] [Company Name] [Email Address] [Phone Number] Keywords: Chicago, Illinois, Sample Letter, Articles of Incorporation, Election of Sub-S Status, corporation, Subchapter S, tax purposes, Internal Revenue Code, tax advisors, C corporation, pass-through taxation, limited liability protection, perpetual existence, Articles of Incorporation Amendment, Secretary of State, Certificate of Incorporation, guidelines, deadlines, fees.