Florida Business LLC with S-corp Selection....

Discussion in 'Starting a Business' started by willwill75, Jan 16, 2013.

  1. willwill75

    willwill75
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    Does this business have to pay the 5.5% florida franchise fee that all other llc's have to pay? Or because they select to file as an scorp (IRS FORM 2553) do they not have to pay 5.5% income tax?
     
  2. PS9

    PS9
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    I'd call the IRS to make sure, they can give you a definite answer.

    As far as I know you'll still be liable for any franchise fees because you are incorporated as an LLC. How you select to file wouldn't change that.
     
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  3. willwill75

    willwill75
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    It says on the florida DOR web page if you're a LLC and "disregarded" entity, than you are also exempt. The definition of disregarded entity as far as the IRS is concerned is any 1 member LLC. How i file for taxes whether "s-corp" or not, i don't think would matter, as s-corps also in florida are exempt. So i don't think filing as an s-corp would make me liable for the 5.5% .

    I might just have to sit down with a CPA i'll probably end up using anyway, i just wanted to get the LLC paperwork going so i can get my business under control..
     
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  4. willwill75

    willwill75
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    Called the florida DOR directly... they said if i file as an S CORP form 8553 none is needed.
     
  5. Business Attorney

    Business Attorney
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    That makes sense, given the Florida tax laws but it still would be good to check with your accountant.
     

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