Start an S-Corp in Michigan with Inc Authority

Before you can start an S-Corp in Michigan, you need to register your business as an LLC or C-Corp and you’ll require a business name for both. Your name should be unique and must meet Michigan naming requirements.

You can shortlist a few names that are relevant to your business and then check the state database to ensure no other business is using the same name. Alternatively, you can also use Inc Authority’s free business name check feature.

Every business, irrespective of whether it is an LLC, C-Corp, or an S-Corp, needs a registered agent with a physical address in the state of formation. So, to start an S-Corp in Michigan, you need a local registered agent.

The main job of such an agent is to receive all legal documents on the behalf of your business and notify you if any action is required from your side. You can get this service for free with any of the Inc Authority’s formation plans.

Whether you form a Limited Liability Company or a domestic Corporation, you need some rules of governance to run your business. LLC operating agreements and corporate bylaws offer that for LLCs and C-Corps respectively.

These documents lay down the ground rules on how you plan to run your business, who’s responsible for what, how you’ll make strategic business decisions, and how you plan to resolve and disputes that may arise.

As mentioned above, you need first to form a Michigan LLC or Michigan C-Corp before you can convert it to an S-Corp. Luckily for you, Inc Authority will help you register your business with the Michigan Secretary of State office.

They’ll review your application and ensure that you submit all required documents and paperwork. They’ll even submit the application on your behalf and, if you choose the highest-tier plan, will even expedite the filing process.

Before your new business can formally start operations, you need to apply for and obtain an EIN or Tax ID. This number identifies your business to the government and the Internal Revenue Service for tax purposes.

Other than that, an EIN is also needed to open a business bank account, pay employee salaries, and file business tax returns. So, make sure you obtain an EIN. Inc Authority offers this service as well with its paid plans.

The final step in this guide on how to start an S-Corp in Michigan is to fill out the IRS Form 2553 and get the S-Corp tax status. As long as your business meets the eligibility criteria this is a fairly simple process.

You need to fill out and submit the form online, wlong with any required documents. The IRS will review and process your application and give you the special tax status if everything is in order and all documents are submitted.

Here are the features you’ll get with this plan:

• • Business name check: Easily check for the availability of a business name using their simple search bar that will give you the results within minutes.
  • 1-year registered agent service: Get a reliable Michigan registered agent free for the 1st year and then you can discontinue or upgrade to the paid service.
  • Digital document storage: Easily store, organize, and access your business documents using your Inc Authority online account.
  • Tax advisory: Get a free tax consultation from an expert on how to file taxes, leverage S-Corp tax benefits, and maximize your tax savings.
  • LLC or Corporation formation: Let the experts review and file your business formation application and get your business up and running in no time.
  • S-Corp election and filing: The Inc Authority team will review and file your application and ensure that you meet all the eligibility requirements.
  • Business funding analysis: Experts at Inc Authority will estimate your business funding needs and offer sources of funding.

The free plan offers all the basic features you need to start an S-Corp in Michigan. For more personalized services and add-ons, check out the paid plans.

Price: Free

Here are the additional services you’ll get with this plan:

• • LLC operating agreement/corporate bylaws: You’ll get templates for these important business documents and advice on how to create comprehensive ones.
  • Initial meeting minutes & resolutions: Their team will help you hold the initial meeting and will take minutes of the meeting for your business.
  • Ownership or stock certificates: If you intend to issue stock or ownership certificates, Inc Authority will help you with that as well.
  • Employer identification number: One of the key advantages of choosing this plan is that Inc Authority will help you obtain an EIN quickly.
  • Corporate forms and documents package: You’ll get access to free and customizable legal or business document templates.
  • Annual compliance notifications: Their team will send you notifications regarding your business’s compliance requirements and upcoming deadlines.
  • Detailed tax consultation: You’ll get a detailed tax consultation to help you maximize the tax benefits for your Michigan S-Corp.
  • Web domain + 5 business email addresses: You can get a free web domain, along with 5 different business email addresses.

Price: Custom

Here are the additional services you’ll get over the Starter plan:

• • Dedicated customer success advisor: A dedicated customer success manager (aka success advisor) will help you with your S-Corp formation process. They’ll answer any questions you may have during the process and guide you throughout the process.
  • Private banking specialist: Every business needs a separate business bank account to keep personal and business finances separate. Inc Authority will help you find the best business banking options and will provide you with a dedicated business banking advisor to help you out.
  • Personalized business advisory services: If you need personalized, high-touch business advisory services from professionals and experts in different fields, you get that with this plan. Every client gets a dedicated advisor who’ll provide guidance on various aspects of starting and growing a business.
  • Expedited preparation & filing: This is the only plan where you get an expedited filing option. So, if you need to start your business quickly and are willing to pay for it, there’s no better option than this.

Overall, choose this plan if you don’t mind paying for top-notch, personalized services that give you the first priority over all their other clients. This is the only plan that offers expedited filing, so if you want to start your business as soon as possible, go with this plan.