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Transitioning Existing LLCs and S Corps to Collective

How to collecting your existing LLC documents to onboard to Collective

Updated over 4 months ago

What you need to know

If you are transitioning your Single Member-LLC to Collective, we'll need a few key documents from you to complete the onboarding process.

Hereā€™s a straightforward guide to help you gather everything you need without any hassle.

Essential Documents for Your LLC

  • Articles of Organization: This is your LLCā€™s birth certificate, officially registering your business with the state.

  • Amendments to the Articles of Organization: If there have been any changes since you first filed, weā€™ll need these documents too.

  • Federal Employer ID Number (EIN): Think of this as your businessā€™s Social Security number.

  • Operating Agreement: While not filed with the state, this document is crucial as it outlines the management of your LLC.

  • S Corp Acceptance Letter from the IRS: This confirms your LLCā€™s S Corp status, if applicable.

  • State Employer Registration Number: Required if youā€™re registered as an employer in your state.

How to Find or Obtain These Documents

Charter Documents (Articles)

Most states offer copies of the Articles of Organization and Amendments to the Articles online. Some are available for free, and some cost a small fee. Start by finding your stateā€™s business entity search and look up your entity.

  • Free copies will be located on this portion of the stateā€™s website, usually in a section called Filing History.

  • If the copies must be purchased for a fee online, you can typically find instructions on the stateā€™s Business Entity homepage.

For states that do not offer copies online, you can order them directly from the state through the mail (see the stateā€™s Business Entity website for their order form or process), or you can request that Collective obtain the documents for you. Our Business Solutions team can provide an estimate for the costs.

Federal Employer ID Number (EIN)

Your EIN is initially issued on the IRS CP-575 Letter. The CP-575 letter includes important tax information about your business including your:

  • EIN, a nine-digit number used for filing your federal payroll taxes

  • Business name

  • Businessā€™s official filing address

  • Federal tax forms your company is required to file (such as the 1120s)

You can read more about EINs here.

If you've misplaced your CP-575, donā€™t worry! You can request a confirmation letter (147C) from the IRS either by mail, which takes about 10-14 business days, or by fax for immediate delivery.

If you do not have a fax number, you can have the form faxed directly to Collective, our fax number is +1 650-275-4240 (it is a private and secure fax line).

How to request a 147C

Call 1-800-829-4933 (the ā€œbusiness and specialty tax lineā€).

  • Press option 1 for English.

  • Press option 1 for Employer Identification Numbers.

  • Press option 3 for ā€œIf you already have an EIN, but you canā€™t remember it, etc.ā€

  • Tell the IRS agent that you have an LLC and need an EIN Verification Letter (147C).

  • The IRS agent will ask a few security questions to confirm you own your LLC.

  • Tell the IRS agent whether youā€™d like to receive the 147C Letter by fax.

  • Tip: The IRS agent will ask, ā€œDo you have a private and secure fax next to you?ā€ If using a digital/online fax, say "yes". DO NOT tell the IRS that the fax number belongs to a third party.

Operating Agreement

An operating agreement is a document that outlines the rules for how an LLC will operate, especially with regards to the relationships between its members.

Keep this document handy! Itā€™s not submitted to the state but is vital for defining the operation of your LLC.

You can read more about the Operating Agreement here.

S Corp acceptance letter from IRS

Your original S Corp Acceptance Letter is called the CP 261 Notice. The CP 261 Notice officially confirms that your S Corporation has been established.

You can view an example of the CP 261 Notice here.

If youā€™ve lost your original S Corp Acceptance Letter (CP 261 Notice), you can request a 385C, S Corp Verification Letter from the IRS as a substitute. Delivery takes about 10-14 business days by mail, or immediately via fax.

If you do not have a fax number, you can have the form faxed directly to Collective, our fax number is +1 650-275-4240 (it is a private and secure fax line).

How to request a 385C

  • Call 1-800-829-4933 (the ā€œbusiness and specialty tax lineā€).

  • Press option 1 for English.

  • Press option 7 for "Other Questions".

  • Press option 2 for "Submitted forms or Tax History".

  • Press option 1 for "Questions about Corporate".

  • The IRS agent will ask a few security questions to confirm you own your LLC.

  • Tell the IRS agent that you need to confirm your LLC is treated an S-Corp, confirm the S-Corp election date, and request a copy of the 385C Letter.

  • Tell the IRS agent youā€™d like to receive the 385C Letter by fax.

  • Tip: The IRS agent will ask, ā€œDo you have a private and secure fax next to you?ā€ If using our fax number, say "yes". Our fax number is +1 650-275-4240. DO NOT tell the IRS that the fax number belongs to a third party.

State Employer Registration Number

Before you can hire employees and start running payroll, most states require you to register as an employer. This registration will generate account IDs that will be used to pay taxes on behalf of your business. Once youā€™ve completed the registration process and received your Payroll Tax Account IDs, youā€™re officially registered as an Employer with the state. This process is known as the Employer Registration process. You can read more about Collectiveā€™s Employer Registration Services here.

Every state is different and so is each department in every state. Some departments assign Account IDs immediately after registration online. Others can take up to 3 months to process the application and assign the number. These states may send your Employer Registration Number to you in the mail.

Got questions or need a bit of extra help? Donā€™t hesitate to reach out to us at [email protected]. Weā€™re here to make sure your LLC setup goes as smoothly as possible!

Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.

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