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There are three broad ways business decisions may be made in a partnership: by consensus, through a democratic approach, or by delegation. Most partnerships detail their structuring and business decision making in an Articles of Partnership document.

And, once it has elected to be taxed as a corporation, an LLC can file a Form 2553, Election by a Small Business Corporation, to elect tax treatment as an S corporation.

As a single member LLC, you can elect to be taxed as an S-Corp as long as the election is made no more than two months and 15 days after the beginning of the tax year you want the election to go into effect. You make the election on form 2553.

Deemed election to be treated as a corporation An LLC that is eligible to elect S status and timely files an S election (Form 2553, Election by a Small Business Corporation) is considered to have made the election to be taxed as a corporation (Regs. Sec. 301.

An S corp election for an LLC, or limited liability company, is an option when a business owner prefers to form a limited liability corporation but wants the beneficial tax treatment of an S corporation.

Unless the articles of organization state otherwise, when a member leaves a LLC, her former ownership interest is divided equally between the remaining members or is transferred to a new member, according to "Your Limited Liability Company: An Operating Manual."

The President is essentially the highest ranking manager in the LLC. The Operating Agreement typically gives the President general management powers of the business of the LLC, as well as full power to open bank accounts. Other titles of LLC officers and managers are Secretary and Treasurer for example.

You can file an election for S corporation tax status at any time after setting up your SMLLC. However, there are limitations on when the election can take effect. Specifically, your S corporation tax status must become effective within the 75-day period before you file the form or within 12 months after you file it.

Decisions Made by Managers Generally, the managers of an LLC have the exclusive control of the management and business affairs of the LLC. As a result, the managers can take any action not otherwise provided in the Company Agreement.

Thus LLP status is an election made by a general partnership via the Partnership Agreement, rather than a separate and distinct class of business entity.

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Suffolk New York Acceptance of Election in a Limited Liability Company LLC

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