If you are a Utah entrepreneur or business owner running a profitable small business, you should consider electing to operate as a Utah S Corporation.
The good news? Operating as an S corporation isn’t difficult. But in order to do this, you must be set up either a Utah LLC or Utah corporation.
Which is where our Utah S corporation kits come in… Our kits walk you through the steps for setting up the required Utah entity, getting an employer identification number (EIN), and the making the Subchapter S election by preparing and filing Form 2553 with the Internal Revenue Service..
This tax treatment allows you to noticeably reduce your self-employment tax burden, which for an incorporated business runs approximately 15% on the first $130,000 of your businesses income, and potentially an additional 3-4% on profits that exceed $130,000.
Note: The annual savings from an S corporation can easily run $10,000 per shareholder per year…
Our Utah S Corporation kit
At this point you may be asking, “Which kit should I go with?” If you are, we recommend you go with the LLC option. Though you can use either an LLC or a corporation as the foundation for an S corporation, there are generally fewer requirements and less “red tape” with a limited liability company “platform” than with a traditional “corporation” platform. Plus, LLCs provide some additional tax flexibility and can be treated as a sole proprietorship or partnership prior to making the s-election. This can really be useful if you are unsure of your profits for the first year in business.
As a bonus, we include entity governing documents, so the corporation kit has bylaws and the limited liability kit contains single and multi-member operating agreements.
Available below is the LLC version of the kit:
Click underneath for the corporation option:
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If our writing style doesn’t jive with your learning style and this kit doesn’t help, let us know. Send a refund request to steve.nelson@stephenlnelson.com and we will reimburse you 100%.
Additional Resources
C-Corporations vs. S-Corporations: A Short Primer: Specifically interested in corporations? Compare them here.
Hiring Your Children as a Tax Loophole: There are many potential benefits in hiring your kids.
Making Shareholder Distributions Look Reasonable: As an S Corporation, you’ll have a mix of income as payroll and distributions.