Do-it-yourself West Virgina S Corporation Kit
Ready for an S corporation?
You don't have to spend $300, $500 or more on an accountant, attorney or online incorporation service to set up a West Virginia S corporation. You can do the work yourself and get some help with one of my ebook kits.
Here's the truth about S corporations: To form an S corporation, you file some simple paperwork with the state and with the Internal Revenue Service. Mostly, you're just filling in blanks with information like your name, address, and the date you want to start operations. You don't need to pay someone big bucks to do this.
One other comment: By doing the setup work yourself, you should be able to complete the West Virginia incorporation documents in a few minutes once you've read my short e-book. In comparison, work with a professional or online incorporation service and you usually need to wait days and days or even weeks for your documents. Well, that is, unless you're willing to pay big fees for faster processing.
The point is, you can do this yourself. But there's a key bit of information you need as you begin...
Two Options for Setting Up an S Corporation
You may be surprised to read this, but you have actually two options for setting up a Subchapter S corporation because an S corporation is not a corporation. Rather, an S corporation is an eligible entity (typically either a limited liability company or a corporation) that's made an election to be treated as a subchapter S corporation.
Once you understand that there are two ways to create an S corporation, you can choose between the two West Virginia S corporation kits this web site sells.
Option 1: LLC Version
You can set up a limited liability company and then make the Subchapter S election to have the limited liability company treated for income tax purposes as an S corporation. Many knowledgeable accountants and attorneys now recommend the limited-liability-company route because limited liability companies are easier to "maintain" than regular corporations.
You can download the 20+ page PDF document that discusses and describes the benefits of creating an S corporation using a limited liability company by entering stephenlnelsoncpa when you checkout.
This kit explains in step-by-step fashion how to setup an West Virgina state LLC , how to get a federal tax identification number for your new LLC so you can start banking and other financial activities, and how to elect to have your LLC treated (for federal and state income tax purposes) as an S Corporation so you can maximize your tax savings.
The kit includes examples of completed state and federal forms so you know exactly what your setup documents should look like.
The West Virginia LLC-version of the S corporation kit comes two sample operating agreements, one for a single member limited liability company and one for a multiple member limited liability company.Purchase and Download
Option 2: Regular Corporation Version
You can set up a traditional corporation and then make the Subchapter S election to have the corporation treated for income tax purposes as an S corporation. This option may be the right choice when you want to be a corporation for credibility or "branding" reasons. For example, if you want to use the name "corporation" or the acronym "inc" in your business name, you would form a regular corporation and not a limited liability company. (A limited liability company will typically use the acronym "LLC" in its name--and some people don't like that.)
The 35 page PDF document that makes up the lion's share of the "kit" provides step-by-step instructions for incorporating your active trade or business in West Virgina, how to get a federal tax identification number for your new corporation so you can start banking and other financial activities, and how to elect to have your corporation treated for federal and state income tax as an S Corporation so you can maximize your tax savings.
By the way, after reading the document, you may decide to skip the Subchapter S election and leave your corporation taxed as a regular corporation, or C corporation. C corporations do deliver some unique tax benefits to their owners, as discussed in the kit.
The regular-corporation version of the West Virginia S corporation Kit includes sample corporate bylaws, which you or your attorney can use for your own customized corporation bylaws.Purchase and Download
Additional Information You May Find Useful
If you want additional information about how to maximize the tax savings related to running a business or investment venture, you may also be interested in one of our downloadable e-books (see descriptions below). Each book covers a category of tax planning topics that easily save a business owner significant amounts of income or self-employment taxes (potentially thousands of dollars a year) and is instantly downloadable.
Often the best tax saving tool private companies have? The Section 199A deduction which allows them to avoid taxes on the last 20 percent of their income.Read More
Using an S corporation for your business? To maximize savings, you need to minimize the salary paid to shareholders. But this decision is tricky.Read More
Nearly secret, the federal government's employee retention credits provide tremendous payroll tax savings for most small businesses... A new book from our firm explains.Info here