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Form Instructions 2553 Minneapolis Minnesota: What You Should Know

Form 2553 ‧ CD Corporations. IRS Fact Sheet : The difference between a CD corporation and an S” corporation : Fact Sheet for Corporate Citizenship S Corporations — What is a Member Corporation? See our S Corporation Glossary page on Terms and Definitions. Business Structure: Section 501(c)(4) and Section 501(c)(20) Business Structure: Corporations See our Business Structure section for more information. Business Structure: Section 501(c)(4) Most members of a limited liability company are not allowed to qualify as S corporation shareholders unless the limited liability company or S corporation is organized as a partnership, sole proprietorship, or limited liability partnership. To qualify to participate in the S corporation election under Section 401 (and not Section 502) of the Internal Revenue Code, an S corporation or sole proprietorship must have the following characteristics: In order to qualify to participate in the election, members shall (i) have a beneficial ownership interest, (ii) not be disqualified persons under the Code, and (iii) meet the requirements of Sec. 2071(c) of The Internal Revenue Code. In order to qualify to participate in the election, shareholders of a partnership, S corporation or LLC would have to meet these requirements: A partner or owner of the partnership or S corporation shall receive at least 50% of the votes that an individual (including an officer of the partnership or S corporation) would receive at the election for S corporation or sole proprietorship if S corporation were to be treated as a partnership, and the number of shares of any class available for issuance to the partner or owner shall not be less than one-third of the shares of the class of which he or she shall be the sole shareholder, and at least 25% of the voting power of the partnership or S corporation shall be available for the election of directors (including at least one director or a representative of the partner or owner) and at least 20% of the shares of any class available for issuance to the partner or owner shall be able to vote at any meeting of shareholders. In order to qualify to participate in the election, an S corporation may be organized as a “Limited Liability Company” or “LLC”, or as a single member LLC, or may be organized for use as an S corporation.

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