Limited Liability Companies may be treated for tax purposes in a number of ways. To be taxed as an S Corporation under the IRS Code, a new LLC and all of its members must sign and file Form 2553 with the IRS within sixty (60) days of when it starts business, acquires assets, or has members. There are provisions for delayed filings and for filings by existing LLCs. This is a decision best made with the advice of your tax professional.

As the election of tax treatment for your LLC can have financial consequences, please consult your tax advisor at the time of the organization of your LLC or if you have questions.

This Bulletin is designed to provide our friends and clients with information regarding the various subject matters covered, it is not designed to take place of legal, accounting, or other professional advice.  If expert assistance is required, the services of a competent professional should be sought. This memorandum may constitute advertising under the rules regulating Illinois attorneys.