Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
Corporate Status Vs S Corporation Status In Nassau
State:
Multi-State
County:
Nassau
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Names of corporations must end with either the identifier "Incorporated" or "Corp." If one of these identifiers is present, then the company is most likely a corporation.
If the shareholder(s) of an S corporation made an S election for federal purposes, New York State does not automatically treat the company as a New York S corporation unless they are mandated to file as an S corporation under Tax Law § 660(i).
We recommend converting to a C-Corp if a company wants to issue qualified small business stock and plans on selling its business in no less than five years.
The C corporation is the standard (or default) corporation under IRS rules. The S corporation is a corporation that has elected a special tax status with the IRS and therefore has some tax advantages. Both business structures get their names from the parts of the Internal Revenue Code that they are taxed under.
The IRS does not offer a standard form for changing your company's tax status from S corporation to C corporation. Instead, it simply requires a written statement be filed with the appropriate IRS service center, along with consent signed by a majority (more than 50%) of your corporation's shareholders.
There is no corporate tax, withholding tax, payroll tax or transfer tax levied on businesses in the Bahamas. However, businesses require a licence to operate, which is charged at either a flat-rate of $100 or at up to 3% of turnover depending on the amount of revenue generated.
Corporate income tax (IRPJ) is levied at the rate of 15%. A surtax of 10% applies on taxable income exceeding the annual amount of BRL 240,000. Social contribution on net profit (CSLL) is levied at the rate of 9% (15% for financial institutions).
10 Best Tax Haven Countries in 2025 Hong Kong: 0% - 16.5% Switzerland: 8.5% - 20.5% Luxembourg: 14% - 42% Netherlands: 19% - 25.8% Singapore: 17% Cayman Islands: 0% British Islands: 0% UAE: 0% - 9%
The countries with the highest corporate tax rates in the world are Comoros (50 percent), Puerto Rico (37.5 percent), and Suriname (36 percent), while the countries with the lowest corporate rates are Turkmenistan (8 percent), Barbados, United Arab Emirates, and Hungary (all at 9 percent).