LLC Electing S Corp Status

[cha1127]

I have an LLC electing S Corp Status.
It is to be treated as an S corporation from a tax perspective, and LLC from a legal perspective.

Now, Form 2553 asks for "Title" of an officer. Is Officer a title from a legal or tax perspective? That is, should it be LLC member or President?

[Koss]

Titles

I don't think it makes a difference.

Some LLCs have officers; some do not. In general, the state laws do not require the appointment of officers. And I don't think the Internal Revenue Code requires the appointment of officers with specific titles. Sometimes banks and other institutions stubbornly insist on certain titles.

If your client--the LLC--does not have an operating agreement, or an operating declaration, or a resolution that appoints specific officers, then I think the most appropriate title on Form 2553 is managing member.

BMK