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How to prepare Form Instructions 2553

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About Form Instructions 2553

Business Name: The company name is part of the name of your company. 2. Business Location: It should be a city/town, state or territory where your business will be located. 3. Legal Entity Type: Generally only legal entities that are partnerships, corporations, and other entities that are structured like a partnership should file Form 2553. If you do not have a specific arrangement you are looking for, your business can still file a Schedule C to report some income and deductions. 4. Date or Start of Business: It should be the date each of the months or quarters in the year your business actually began. To figure out the date on which your business began, you should include the total number of months you can begin your business in a calendar year. For example, if you can begin business on November 1, 2013, then the first month is January 1, 2014, and the last month February 1, 2014. The date on which you started your business should be dated as such: “Last day of business” “Date first used by employees” “Date first used by vendors” “Date first used by customers” Include Dates in Years To make your form 2553 more readable and helpful to your preparer, you should start with the year of the tax year when your business began in your instructions. If it was not the first year for your business and the date of first use is before then, include the year of first use in the years listed for each column. For example, if your business started business on May 1, 2014, then you would record in column 2 that the first use should have been on January 1, 2015. Use the following format for a business address. City State Postal Code Street Address Line 1 Address Line 2 City State Postal Code Street Phone 1 Street Phone 2 City State Postal Code Street Phone 3 City State Postal Code Street Phone 4 City State Postal Code Street Phone 5 The business address for an LLC is also different from a sole proprietorship or a partnership. Partnerships If you form a limited liability company (LLC) you can also use a street address.

What Is Form 2553?

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How to complete a Form 2553 Instructions?

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