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Letter of revocation of s-corporation election Form: What You Should Know

CORPORATION HERE] (hereinafter, “the Corporation”) has elected to be subject to taxation by the Internal Revenue Service (the IRS “) as a “STOCKHOLDER-IN-PERSON “. Please read the enclosed documents and accept these Terms and Conditions of the S Corporation Voting Agreement. [Name of corporation, address, and employer identification number] (hereinafter, You “) hereby consents to the following Terms of Election, the Election having been made in accordance with the laws of the State of [STATE], United States of America, on [DATE] by (hereinafter, the Election “): [DATE] Upon [DATE]: You will cease to exist as a Stockholder-In-PERSON under Section 1372(a) of the Internal Revenue Code and, in accordance with the laws of the State of [STATE], United States of America, will not be able to vote, vote proxy, or exercise other rights regarding the Corporation on any matter coming before any such Board of Directors. You will remain a stockholder-in-person, but You're voting rights will not exist. You are hereby informed that You will be entitled to a share of the gross income, profits, loss, gains, losses, and deductions for the taxable year ended [DATE] of the Corporation, without any adjustment therefor, if you did not become a Stockholder-In-PERSON within [TIME] of the date of the Election. As soon upon reading, any such Notice to You, including, without limitation, the Notice referred to further below, shall give You the right to revoke the Election as follows: (a) You may revoke your Consent to be a Stockholder-In-Person at any time prior to the expiration or termination of the time for revoking Consent as provided for in the voting agreement. (b) You may revoke your Consent to be a Stockholder-In-Person later than the expiration or termination of the time for revoking Consent as provided for in the voting agreement, but such revocation shall not affect, and You must not in any way attempt to effect a change in the terms of the Election other than those specifically provided for by the voting agreement. The terms of the Election and the voting agreement will be governed by and be deemed to be part of this Agreement with You on the date when You first vote in accordance with the terms of this Election or, if later, the date on which this Agreement becomes effective.

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Instructions and Help about Letter of revocation of s-corporation election

In order to maintain good standing with a state, small businesses must comply with certain laws. These laws include filing an annual report and maintaining a registered agent. If a small business fails to comply with these laws, the state may no longer hold the company in good standing. This could eventually lead to the revocation of its corporate charter or administrative dissolution, exposing the principles of the business to personal liability. Company guard compliance helps reduce risk and ensures that your small business remains in good standing by ensuring timely filing of annual reports and having the confidence and stability offered by a national registered agent.