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FAQ

How can I elect as an S Corporation without having my EIN?
You first need to:Incorporate your company. An S Corporation is a special type of corporation created through the IRS. By electing to be treated as an S Corporation, the corporation can avoid double taxation. What makes the S Corporation different from a traditional C Corporation is that profits and losses can pass through to your personal tax return. What this means is that the business itself is not taxed; only the shareholders are taxed.? First form a C-Corporation then file Form 2553 within 2.5 months to get S-election for your Corporation.Then you need to apply for an Employer Identification Number (EIN). Employer Identification Number (EIN) is a number assigned by the IRS and is used for a number of business needs including: filing taxes, compliance with IRS, opening a bank account, and applying for business licenses.If you have a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), you may apply for an Employer Identification Number for free here: EIN Individual Request - Online Application.However, if you do not have a social security number, feel free to contact me at sam@mollaeilaw.com and I can help you.Read more here: How to Get Employer Identification Number (EIN) without SSN or ITINThen you need to fax Form 2553.
How easy is it to convert a single member LLC to a corporation?
As noted in the other post only a business attorney may complete legal conversion of single member LLC to a corporation. Looking at tax issues only, the transfer of assets from the LLC has tax ramifications.For tax purposes the one member LLC represents a disregarded tax entity (Treasury Regulation Section 301.7701-3(b)(1)(ii). This statement means the LLC individual assets reside for tax purposes with the member. So, for tax purposes, the member transfers the assets from the LLC to the corporation. So, the question becomes how do you do such?The internal revenue codes allows for a tax free transfer of the assets from the individual member to the corporation under Section 351. The only exception here is if debt transferred exceeded the tax cost of assets transferred. Here, the member recognizes gain for the excess of the debt transferred over the tax cost of assets (Section 357(c)(1)).Both the individual member and the new corporation have tax reporting requirements for the transfer. As the individual member includes a detailed transfer statement on his/her personal income tax return for the year the transfer happened. And the corporation also has the similar requirements of including a statement with the return (Treasury Regulation Section 1.351.-3(a)). In addition, Treasury requires the two parties have records in place consisting of the specific assets transferred including tax cost and fair market value along with any liabilities assumed or extinguished as noted in paragraph (e) of the above Treasury Regulation along with Treasury Regulation 1.6001-1 in reference to record requirements.So, some conversions would not involve the transfer of assets as the LLC may have been dormant. However, a taxpayer would still comply with the above Treasury Regulaton in order to file a complete and accurate return as means for clarifying the above with Treasury.I have completed the above tax analysis based on a general situation. As the facts change the tax results may also change. www.rst.tax
What is the cheapest/best online service for registering a number of S/C-corporations in the US and getting them EIN numbers?
The cheapest way to register your C-Corporation or S-Corporation is by filing the Articles of Incorporation with the state. You can also try LegalZoom: Start a Business, Protect Your Family: LLC, Incorporate, Wills, Trademark, Legal Advice or have a business lawyer register your business.Regarding getting an Employer Identification Number (EIN), if you have a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), you may apply for an Employer Identification Number for free here: https://sa.www4.irs.gov/modiein/...However, if you do not have a Social Security Number or an ITIN, the following steps should be followed:Retain a business lawyer to act as the third-party designee for your business.The business lawyer will prepare an Application for Employer Identification Number (Form SS-4) on your behalf.The business lawyer will contact the Internal Revenue Service Center for International applicants and fax in the form to the Internal Revenue Service (IRS).The business lawyer will receive your Employer Identification Number (EIN) for your business on your behalf.Read more here: How to Get Employer Identification Number (EIN) without SSN or ITINI have successfully received Employer Identification Numbers for more than 60 applicants without a Social Security Number or ITIN.Feel free to contact me at sam@mollaeilaw.com if you need to get an EIN without a Social Security Number or ITIN.;"";""