Here’s the process in a nutshell… All you really need to do is form an entity that can make a Subchapter S election (this will be either a Virginia limited liability company or a Virginia corporation) and then file a bit of paperwork with the Internal Revenue Service (specifically an SS-4 to get an employer identification number and a Form 2553 to make the actual election).
In other words, while you certainly can work with an attorney or accountant or one of those popular document preparation services like Legal Zoom to do this set up… you don’t have to. You can do the work yourself. And pretty easily.
And then the best part? Your Virginia S corporation should save you a bundle in self-employment taxes and payroll taxes if you’re operating a profitable trade or business. Maybe a few thousand dollars every year per owner. And sometimes quite a bit more…
Our Virginia S Corporation kit
Interested? Consider one of our two Virginia S Corporation kits. Both options (one uses an LLC for your S corporation and one uses a corporation for your S corporation) provide complete instructions for forming your entity, explain how to prepare the appropriate federal tax forms, and provide boilerplate legal documents you can either use as is or customize.
We recommend most entrepreneurs use the LLC version of our s-corporation kit which you can purchase by clicking the button below:
If you’d prefer to use a traditional corporation as the base for your s-corporation, that kit is available here:
Money Back Guarantee
After reading the kit, if you have any reservations about doing it yourself, send a message to firstname.lastname@example.org and we will issue a 100% refund.
How Subchapter S Corporations Are Taxed: Familiarize yourself with the ins and outs of s-corp taxation.
Five Best Small Business Tax Loopholes: Some tips and tricks to save on taxes.
Hiring Your Children as a Tax Loophole: Providing employment to your child(ren) can be mutually beneficial.