S corps operating agreement template1/29/2024 ![]() ![]() About S CorporationsĪn LLC is an entity formed under state law. The LLC then adopted a new company agreement and filed a request with the IRS to be treated as an S corporation. Income Tax Return for an S Corporation, for its first several years of operation.Īt some point, the LLC realized that the partnership language in its company agreement terminated its S corporation election. The LLC made an election to be taxed as an S corporation. This language included an allocation of profits with an allocation to eliminate negative capital accounts and a liquidation term that allocated the proceeds according to the capital accounts. The LLC’s company agreement included standard partnership tax allocation language. The taxpayer is a limited liability company (“LLC”). ![]()
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