After a corporation has been formed, it may elect “S-Corporation Status” by adopting an appropriate resolution and completing and submitting a form to the Internal Revenue Service (some states require their own version). Once this filing is accepted by the IRS, the corporation does not pay corporate income taxes on profits. Instead, the income is “passed-through” to the shareholders for purposes of computing tax returns. Each shareholder simply adds the profits onto their personal tax return.
The S-Corporation is extremely popular, especially with companies that have fewer than 20 shareholders and do not wish to have complex corporate structures (own or be owned by other companies) or multiple classes of stock. We prepare the IRS Form for your corporation to elect “S-Corporation Status” as well as the required corporate resolution.
Benefits of the S-Corporation:
There are some restrictions on S-Corporations that you should consider:
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