Is your business in the Land of 10,000 Lakes seemingly paying $10,000 more in taxes than it should? Perhaps you should consider an s-corporation. This simple election with the IRS could save your existing or future business up to 15.3% on some portion of your income. Pretty sweet deal! Our kit comes with step-by-step instructions on setting up a Minnesota entity eligible to make the s-election (this is important if you are not already operating as a corporation or LLC), how to get an EIN, filing Form 2553 to make the Subchapter S election, and governing documents, like a corporate bylaws or an LLC operating agreement.
Our Minnesota S Corporation kit
As mentioned above, there are two different entities that can opt to be taxed as s-corporations. Option one, which is our recommendation, is using a limited liability company as the “base.” We tend to endorse the LLC because there is less “red tape” involved than going with a corporation. It also have some tax flexibility and protects personal assets. You can read some of the pros and cons of using a corporation in the additional resources below.
Option #1, the “LLC base,” is available here:
Option #2, the “corporation base,” is available below:
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How Are Corporations Taxed?: As mentioned above, you can compare how a “regular” or c-corporation is taxed compared to an s-corp.
DPAD Deductions for Small Business: Do you manufacture, produce, grow, or extract property? Check out this article!
IRS.gov: S Corporations: The Internal Revenue Service site relating to, you guessed it — s-corps.