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Form Instructions 2553 for Georgia: What You Should Know

To start your new company. Incorporation of an “S-Corporation” by an Individual (Rev. May 20, 2018) — The Corporation Center An Individual can only be an S corporation if the individual is a Georgia resident who does not meet all the statutory requirements but has the intention to begin business. Tax-Exempt Status of Self-Directed Groups — Georgia Department of Revenue An Individual who is exempt from corporate taxation as an Individual may be incorporated as a corporation as long as the individual's purpose is (1) solely educational, (2) social, (3) sporting or political, (4) charitable, (5) fraternal, or (6) religious. Instructions For Form 2553 (Rev. January 2019) — IRS Instructions for Form 2553 (Rev. August 20, 2017) — IRS The following requirements must be met for a nonresident businessperson to begin a corporation as a nonresident: The nonresident's primary purpose for establishing a corporation shall be educational; The primary purpose for an organization to establish a corporation as described in (1) through (6) above shall be social, sporting, or political; and, The primary purpose for an individual to establish a corporation as described in (1) through (6) above shall be charitable, fraternal or religious in nature. Form 2553 (Rev. January 2023) — IRS Additional Requirements for an Individual With Income From a Business Entity Other Than an S Corporation — Georgia Department of Revenue In order to be exempt from corporate taxation of an S corporation, the corporation can be established only after filing a duly completed and delivered Form 5471, “Statement of Qualification, Tax Exemption, Or Exemption From Capital Gains Income Tax,” with the Georgia Department of Revenue for the state where the corporation is established by the resident. Instructions For Form 2553 (Rev. July 20, 2018) — IRS As an S corporation, the stock of a corporation owned by an individual shall not be taxable as income to the shareholder on any distribution to the shareholder after the shareholder's first taxable year in existence. Instructions for Form 2553 (Rev. February 2018) — IRS As an S corporation, an individual is generally not a member of the corporation and is treated as a shareholder of the S corporation in all respects.

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