Do you own and operate a profitable trade or business operating in Vermont? Have you considered running your venture as a Vermont S corporation?
You maybe should…
A Vermont S corporation, which is (oddly) not necessarily a corporation but rather either a corporation or a limited liability company that’s made a special election with the Internal Revenue Service, can save you a bundle in self-employment and payroll taxes.
In fact, you may be able to save many thousands of dollars per business owner per year. Like $8,000 annually? Maybe $10,000? Possibly even more if you run an especially profitable business?
If you would like additional information about this tax planning tactic, you may be interested in purchasing and downloading one of our Vermont S corporation kits.
Our Vermont S Corporation kits
We offer two S corporation kits for Vermont businesses: A kit that uses an LLC as the foundation (our preference) and another kit that uses a regular corporation as the foundation.
Our reasoning behind recommending the limited liability company option is because there are generally fewer filing requirements for a Vermont LLC and LLCs in general provide some tax flexibility that corporations don’t during the startup phase, especially if you are unsure of your early revenues.
Each kit walks you through setting up the chosen entity with Vermont filing information, explains how to get an EIN, and steps you through processing of using the IRS Form 2553 for making the s-election. Both flavors of the Vermont kit also provide governing document templates. The LLC version supplies example LLC operating agreements, and the corporation version supplies sample corporate bylaws.
Option 1) LLC base (our preference):
Option 2) Corporation base:
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