I setup an LLC with a tax structure as an S-Corp
So for tax purposes, the bottom line is, you have an S-Corp. When you file the 2115 to have the IRS treat your LLC "like an S-Corp" for tax purposes, then the business is required to follow all the laws of your state that apply to an S-Corp, 100%. That means quarterly filings, yearly registrations, required minimum draws by all owners/members, and in most cases constant paperwork that never ends depending on what the business does.
Basically, your S-Corp will file it's own physically separate 1120-S Corporate tax return. Then a K-1 will be issued to all owner's of that S-Corp which each owner will need in order to complete their personal 1040 tax returns.
Corporate tax returns are due March 15. With an extension it's due Sept 15th. The penalty for filing late is $200 per month, per owner/member.
So you may want to get professional help in your local area and get educated on this. Paying for professional help to learn is one heck-of-a lot cheaper than paying the IRS and learning the hard way after the fact.
