A Subchapter S Corporation Is Intended For Small Businesses That Have
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FAQ
Subchapter S corporations, or S corporations, are corporations that are taxed on a "flow -through" basis. This means that tax liabilities from income (or deductions from losses) are passed onto the corporations' shareholders to be declared individually.
Example of S Corporation Taxation Roberts, Inc. is an S corporation in Florida. Jack owns 51 percent and Jill owns 49 percent. Their net profits were $20 million for the last tax year. When they prepare their individual tax returns, Jack will claim $10.2 million in income while Jill will claim $9.8 million.
To qualify for S corporation status, the corporation must meet the following requirements: Be a domestic corporation. Have only allowable shareholders. ... Have no more than 100 shareholders. Have only one class of stock.
That gives it certain advantages over the more common C corp, The S corp is available only to small businesses with 100 or fewer shareholders, and is an alternative to the limited liability company (LLC).
To form an S Corp in California, you must file Form 2553 (Election by a Small Business Corporation) with the IRS and then complete additional requirements with the state of California, including filing articles of incorporation, obtaining licenses and permits, and appointing directors.