Is Form 1120-S required for a single-member LLC electing to be taxed as an S corporation?

Hello! Tha answer is yes. What you need to do is seek a late election using Form 2553. Your late S corp election must be filed within three years and 75 days after its proposed effective date. This means that you can do this retroactively. You can even start here with this video to figure out how - https://www.youtube.com/watch?v=xA81sVVtgp8 Best of luck!

Hello! My name is Dolan and thanks for posting this question. Let me break this down in parts for you: 1. Filing Form 1120-S for your S corporation is an essential part of staying in compliance with IRS regulations. This form is specifically designed for S corporations to report their income, deductions, and other financial details to the IRS. 2. When it comes to what you need to report, Form 1120-S will ask for details like the company's income, expenses, cost of goods sold, deductions, and credits. You'll also report the allocation of profits and losses to each shareholder based on their ownership percentage, which goes on a Schedule K-1. Each shareholder then uses the Schedule K-1 to report their share of the company's income or loss on their individual tax returns. 3. The deadline for filing Form 1120-S is usually March 15th of the year following the tax year you're reporting. 4. The benefits of filing Form 1120-S are clear when it comes to avoiding double taxation. With an S corp, you only pay taxes on the personal level, which can save you a lot compared to a C corporation, where income is taxed at both the corporate and personal levels. It also provides a clear record of the business's income and deductions, which can help you if you’re ever audited. 5. As for completing the form, make sure your books are in order, and gather all the financial details for the year. You’ll need things like income statements, expense records, and information about each shareholder's ownership percentage. If you have a bookkeeper, great. If not, go to a company like Wave Accounting. 6. The key to getting this right is accuracy. The IRS takes mistakes on Form 1120-S seriously, so double-check everything before submitting it. If you’re unsure about anything, getting professional advice upfront can save you a lot of trouble later. It sounds like a lot, but once you get the hang of it, filing Form 1120-S can be pretty straightforward. Thanks so much!

A Single Member LLC creates a legal wall between your personal finances and anything that happens in your business. Without it, you're fully responsible for business debts and lawsuits. That means if something goes wrong, your personal savings, home, or car could be on the line. But the LLC only protects you if it's set up correctly and you keep it compliant over time. Start by choosing a name for your business. It has to include "LLC" or "Limited Liability Company" and be different from any other business name already registered in Washington. You can check availability on the Secretary of State’s website. Not ready to file yet? You can reserve a name for 180 days for 30 dollars. Next, you need a registered agent. This is someone with a physical address in Washington who can receive legal notices. You can be your own agent, but your name and address will go on public record. If that’s not ideal, hire a registered agent service. They usually charge between 59 and 300 dollars a year and offer more privacy. Then file your Certificate of Formation with the Secretary of State. This makes your LLC official. Filing online costs 200 dollars and is processed in about two business days. Mailing it costs 180 dollars but takes longer. You’ll also need to file an Initial Report within 120 days. If you do it during the formation process, it’s free. If you file it separately later, it costs 10 dollars. Even though it’s not legally required in Washington, make sure to write an Operating Agreement. This document proves that your business is separate from you personally. It helps protect you legally and is often required to open a business bank account. Even if you’re the only owner, the agreement should explain how the business is managed, how profits are used, and what happens if you close it. You may also need to get an EIN, or Employer Identification Number, from the IRS. If you don’t have employees and don’t file special tax forms, it’s not legally required. But in reality, most banks, vendors, and licensing agencies will want you to have one. It’s free to apply directly through the IRS website. Don’t pay a third-party service for something you can get in a few minutes yourself. If your business will make more than 12,000 dollars a year, hire employees, or collect sales tax, you’ll need a Washington business license. Apply through the Department of Revenue. The basic license costs around 90 dollars, but depending on your city or industry, you may also need extra local licenses. After your LLC is set up, keep your business finances completely separate from your personal accounts. Open a business checking account and only use it for business expenses and income. If you mix personal and business money, a court can decide your LLC doesn’t count and make you personally liable. This is called “piercing the corporate veil,” and it defeats the whole purpose of forming an LLC. You also have to file an Annual Report every year by the end of the month in which your LLC was originally formed. It costs 60 dollars. If you miss the deadline, your LLC can be dissolved by the state, which cancels your liability protection. Washington doesn’t have a personal or corporate income tax, but you may owe Business and Occupation tax, or B&O tax, based on gross receipts. That means it’s calculated on your total income, not your profit. Most service-based businesses pay 1.5 percent, but this depends on your NAICS code. Some cities also charge a local B&O tax. If you sell goods, you’ll likely need to collect and remit sales tax too. Protecting your personal assets starts with forming your LLC, but it doesn’t end there. You have to treat the business like a separate legal entity every single day. Sign contracts under the LLC’s name. Keep detailed records. File your reports. Keep your money separate. And stick to what’s in your Operating Agreement. If your business starts to earn steady profits, talk to a tax professional about switching to S Corporation tax status. It can help you save money on self-employment taxes. Also consider using a registered agent service that sends reminders and handles filings for you. It’s one of the easiest ways to stay compliant and avoid losing your LLC status due to a missed deadline. If you’re handling the setup yourself, the process usually takes a week or two. There are services that can do it for you if you want extra help, but the key is doing it right from the start and following the rules that keep your protection in place. Here are some official resources that can help: Washington Secretary of State – LLC Filing: https://www.sos.wa.gov/limited-liability-company-llc-professional-llc-pllc-filing-resource-page Corporations and Charities Filing System: https://ccfs.sos.wa.gov/ Business Licensing Application: https://dor.wa.gov/open-business/apply-business-license Get an EIN from the IRS (Free): https://www.irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number Washington State Business Guide: https://www.business.wa.gov/ Washington LLC Statutes: https://apps.leg.wa.gov/RCW/default.aspx?cite=25.15 DISCLAIMER: This guide is for general information only and doesn’t count as legal, tax, or financial advice. Always talk to a qualified professional before making decisions or filings.

There are provisions to add to an operating agreement to address the death or incapacity of a member. Feel free to contact me if you would like to discuss how to move forward.

In florida you would want to have an operating agreement to specify the relationship between the members.