If you're thinking of starting a business in Missouri and want to benefit from the tax structure and liability protection of an S-corporation, here are the steps you'll need to take.
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What is an S-corporation?
An S-corporation is a type of corporation that has elected to be taxed under Subchapter S of the IRS tax code. This allows the corporation to pass income, deductions, and credits through to its shareholders for federal income tax purposes. This way, the corporation has complete liability protection like a traditional C-corporation, but it can avoid double taxation.
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In Missouri, S-corporations are recognized as a legal structure for businesses, but you'll need to take some specific actions in order to form one.
Step 1: Choose your business name
Choosing the name for your S-corporation is one of the first and most important decisions you'll make. It's important that your name is unique and do not conflict with any existing businesses registered on the Missouri Secretary of State website.
Step 2: File Articles of Incorporation
Here are the required documents that you'll need:
* There are fees associated with filing Articles of Incorporation with the Missouri Secretary of State. The current fee schedule is available on their website.
* You'll also need to provide the name and address of any registered agent for service of process, who will receive official communications on your behalf.
* You must also include your S-corporation election Form 2553.
Once you have submitted your Articles of Incorporation, you'll need to wait for approval from the Missouri Secretary of State. Processing times can vary, but it's usually around five to seven business days to receive approval.
Step 3: Obtain an EIN
An EIN (Employer Identification Number) is a unique number assigned by the IRS for tax purposes. You'll need to apply for an EIN after you've been approved for your Missouri Articles of Incorporation.
Your business will be required to have an EIN with the IRS, even if you don't have any employees. You'll use it to file tax returns and other financial documents, as well as open a bank account. You can apply for an EIN online, via mail, fax, or phone. Be prepared to provide information such as your business name, structure, and general business purpose.
Step 4: File state and local business licenses and permits
The specific licenses and permits needed to start your S-corp will vary based on your industry, location, and the type of work you do. Consult with your industry-specific regulatory board to determine any licenses you would be required to obtain.
Additionally, you'll need to obtain necessary permits from local agencies on city and county levels.
Step 5: Create a Corporate Bylaws
All corporations, including S-corps, are required by state law to have a legal framework that includes a set of bylaws. These documents specify the force-talking policies and procedures of your S-corp.
S-corps' corporate bylaws should outline the following:
* The power, authority, duties, and accountability of each director, officer, and shareholder
* The Company's bankruptcy, financial governance and jurisdictional rules
* Any voting rights along with the business entities principals and subsidiaries
Step 6: Get started
Once you've finished all the required paperwork such as filing your articles of incorporation, obtaining your EIN and state and local business permits, your Missouri S-corp will be operational.
Conclusion
Starting an S-corp in Missouri isn't rocket science, but it does require a good deal of research and preparation. Take stock of your options, decide whether a Missouri S-corp is right for you, and then seize the day! By following the basic set of steps outlined here, you can grow a successful Missouri S-corp that serves both your interests as a business owner and your larger community's ongoing needs and interests. Good luck!
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