Form 2553

In accounting, form 2553 means the S corporationEntity typesS corporationA domestic corporation, or an LLC eligible to be treated as one, that has elected on Form 2553 to pass its income, losses, deductions and credits through to its shareholders. No more than 100 shareholders, all of them individuals other than nonresident aliens, estates, or certain trusts and exempt organizations, and one class of stock. Files Form 1120-S election, signed by every shareholder and filed no more than 2 months and 15 days after the start of the tax year it is to take effect, or at any time in the year before. An eligible LLCEntity typesLimited liability companyA state-law entity whose owners (members) are shielded from its debts like shareholders. Federal tax has no LLC category: by default it is a partnership with two or more members and disregarded with one, and it is a C or S corporation only if it elects files it without Form 8832; a late election can be rescued under Rev. Proc. 2013-30.