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S Corporation Formation

If you’re exploring the idea of electing to become an S Corporation and require in-depth support, you’ve come to the right place! Our experienced lawyers are here to assist you in achieving your business objectives.

Why Should You Become an S Corporation?

S corporations offer various benefits to small business owners. One of the most significant advantages is their tax benefits. By electing to be an S corporation, the business becomes a pass-through entity, meaning that the profits and losses pass through to the shareholders’ personal tax returns. Consequently, S corporations do not pay corporate level income taxes, unlike C corporations. This means that the business’s income is taxed only once, at the individual shareholder level, instead of being taxed twice, at both the corporate and individual levels.

Contact us today to learn more about how we can assist you in electing S corporation status!

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    Frequently Asked Questions

    S corporation is an entity that provides limited liability and pass-through tax benefits. It is named after Subchapter S of the Internal Revenue Code, which establishes the regulations for tax treatment.

    No, you need to be a US citizen or greencard holder to become a shareholder in a S Corp in the US.

    Any domestic corporation whose stockholders are limited to individuals, certain trusts, and estates and do not include partnerships, corporations, or non-resident alien shareholders also has no more than 100 stockholders and only one class of shares.

    S corporations are taxed as pass-through entities, while LLCs have the flexibility to choose between pass-through or corporate taxation. S corporations have restrictions on shareholders and issue only one class of stock, whereas LLCs can have multiple classes of ownership. LLCs offer flexible management structures, while S corporations require a board of directors and officers. Additionally, S corporations have more formalities and reporting requirements compared to LLCs.

    To become a S corporation, the corporation must complete Form 2553, Election by a Small Business Corporation. This form must be filed by a corporation or another eligible entity seeking treatment as a corporation to make an election under section 1362(a) to become an S corporation.
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