Form Your S Corporation Online

An S corporation is an eligible LLC or corporation that has elected S corporation tax treatment with the IRS. It is not a separate type of entity formed by a state. The underlying LLC or corporation continues to exist under state law.

First, make sure the underlying business exists and may qualify. Then prepare Form 2553, obtain every required shareholder signature, and submit the signed form under the current IRS instructions. Swyft can prepare the form through an eligible package or election-only service, but the IRS makes the acceptance decision.

Yes. An eligible LLC can file an S election and remain an LLC under state law. The election changes federal tax treatment, not the state-law entity type. A tax professional should review eligibility and the financial impact before filing.

Usually not just to request S corporation tax treatment. An eligible existing LLC can use an LLC S Corp election service to prepare the federal election. A separate state-law conversion is a different legal process and is not automatically required by the tax election.

For a new business, Basic starts at a $0 Swyft Filings service fee plus state fees, but Basic does not include Form 2553. Upgraded-package and election-only prices are shown before checkout. Your total can also include state fees, expedited government fees, optional services, and recurring plan charges.

You can order Swyft's online S Corp filing service, complete the questionnaire, and manage the service online. Current IRS instructions require the signed Form 2553 to be submitted by fax or mail. Do not confuse online service intake with IRS e-filing.

The standard timing is generally no later than two months and 15 days after the beginning of the tax year when the election should take effect, or during the preceding tax year. Timing rules can vary, so check the current Form 2553 instructions and consult a tax professional.

The IRS provides late-election relief in some circumstances when the requirements are met and the business has reasonable cause. A late S Corp election service can help prepare documents, but it cannot guarantee relief or acceptance. Review the current IRS late-election guidance with a tax professional.

In general, the business must be a domestic eligible entity, have no more than 100 shareholders, have only allowable shareholders, have no nonresident alien shareholders, and have one class of stock for federal tax purposes. All required shareholders must consent.

IRS processing times vary. Keep proof of submission and watch for the agency's response. If no response arrives within the period stated in current IRS guidance, follow the IRS contact instructions. Swyft cannot control or guarantee agency processing time.

No. Potential savings depend on profit, reasonable compensation, payroll costs, state taxes, owner circumstances, and other facts. An S corporation also has payroll, tax-return, recordkeeping, and compliance responsibilities. Ask a qualified tax professional to compare the full cost and benefit.