How to Elect S-Corporation Status for Your LLC
Introduction
This guide will walk you through the process of electing S-Corporation status for your newly formed LLC using the Collective platform. By following these instructions, you'll learn how to access necessary documents, complete and sign the S-Corp election form (Form 2553), and upload it for submission.
Step-by-Step Instructions
Access Your LLC Documents
Once your LLC is formed and you have received your Employer Identification Number (EIN), log back into your user dashboard on the Collective platform. Here, you will find your LLC registration details.
Navigate to the Documents Tab
On the left-hand side of your dashboard, click on the 'Documents' tab. This section contains all your company documents, including your W-9, unsigned Form 2553, EIN confirmation, articles of organization, SS-4, and consent disclosure.
Begin the S-Corp Election Process
To start the process of electing S-Corporation status, navigate to the section where you can complete and submit Form 2553. Collective will assist with the submission process.
Review and Print Form 2553
Collective pre-fills Form 2553, but the IRS requires a printed copy with an ink signature. Review the form, print it, and sign with a pen.
Sign the Form
Use the provided animation to understand where to sign and date the form. Ensure you sign on both page one and page two.
Upload the Signed Form
After signing, return to the platform and upload your signed Form 2553. Use the drag-and-drop feature for uploading.
Document Validation
The platform will scan and validate your uploaded document. If any signatures are missing, it will flag the error, reducing the need for resubmission.
Await Expert Review
If the automatic validation fails, Collective's experts will review your submission. You can continue with other tasks while waiting.
Return to the Dashboard
After submitting your form, return to your dashboard to confirm that your S-Corp election is in progress.
Conclusion
By following these steps, you have successfully begun the process of electing S-Corporation status for your LLC. Using the Collective platform simplifies document management and submission, ensuring a smooth transition to S-Corp status.