The good news is that applying for an EIN online, by mail, fax, or phone all result in no fees being assessed. The quickest and simplest way is to apply for an EIN online through the IRS website. The online application procedure normally takes less than 15 minutes to finish, and after submitting your application, you will obtain your EIN right away.
A type of corporation that has chosen to be taxed under Subchapter S of the Internal Revenue Code is known as a S Corporation, or S Corp for short. In other words, rather than being taxed at the corporate level, the corporation’s revenue, deductions, and credits are passed through to the shareholders’ personal tax returns. S Corps must pay Pennsylvania’s corporate net income tax, but shareholders are exempt from paying state personal income tax on their portion of the corporation’s earnings.
No, a separate S election does not need to be submitted to the state of Pennsylvania. A corporation is automatically designated as a C Corporation for tax purposes once it has been established. The corporation must submit Form 2553 to the IRS between two months and fifteen days before the start of the tax year if it wants to be taxed as a S Corporation, nevertheless.
The procedure you select will determine how long it takes to incorporate a business in Pennsylvania. The procedure can be finished in less than 24 hours if you file online. It may take up to two weeks for your paperwork to be processed if you file by mail. You can have your paperwork within 24 hours if you pay an extra charge to speed up the procedure. Does Pennsylvania Need Registered Agents?
Yes, all corporations, LLCs, and limited partnerships (LPs) in Pennsylvania are required to have a registered agent. A registered agent is a person or organization that has been given permission to accept legal documents on the company’s behalf. The registered agent must be reachable at a Pennsylvania physical address during regular business hours. A person, such as a company officer or director, or a specialized registered agent service, can serve as the registered agent.
In conclusion, applying for an EIN number in Pennsylvania is free, and it’s the quickest and simplest process if you do it online. Shareholders of S Corps are not liable to state personal income tax on their portion of the corporation’s income, and S Corps are subject to Pennsylvania’s corporate net income tax. The time it takes to incorporate depends on the method you choose, and Pennsylvania does not require a separate S election to be filed with the state. Finally, Pennsylvania requires a registered agent for all corporations, LLCs, and limited partnerships.
Yes, a corporation’s president can also serve as its treasurer. To establish proper checks and balances within the business, it is advised that separate people hold these jobs.