Source-cited explainers on Business Formation, in plain English or Spanish, for the individuals and businesses we serve across Miami and beyond.
Form 2553 elects S corporation status under section 1362(a). File it within 2 months and 15 days of the start of the tax year the election is to cover, or use the 3-year-and-75-day late-election window under Rev. Proc. 2013-30.
A Florida LLC is a legal entity you form with Sunbiz. An S corporation and a C corporation are federal tax classifications the IRS applies to that entity. Here is how the three fit together for a Miami owner.
A U.S. withholding agent needs a Form W-8 before paying a foreign person. Foreign individuals sign Form W-8 BEN; foreign entities sign Form W-8 BEN-E. Which one applies to a foreign-owned Florida LLC depends on the beneficial owner and the LLC's tax classification.
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