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Deadline: To have your election apply within the current tax year, file Form 2553 no later than 2 months and 15 days after the start of your tax year.
Example: If your LLC's tax year begins on January 1, you need to submit the form by March 15.
Consent: All LLC members must sign and consent to the election at the time of filing, which underscores the importance of coordinated agreement among members.
Practical Tips
The process is so simple that many business owners do not require a CPA or legal professional—though consulting one might be advisable for complex circumstances.
Make sure to correctly fill out and submit the Forms 2553 and 1120S, paying close attention to deadlines.
Keep records of all signed documents and filings for your records.