Illinois Sample Letter regarding Articles of Incorporation - Election of Sub-S Status
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FAQ
The information you have to include in your articles of incorporation varies by state, but there are some pieces of data that are common for most states. Your chosen corporate name. The purpose of your business. The corporation's duration. The corporation's registered agent. The corporation's incorporator. Corporate bylaws.
Requirements for an S corporation include: The corporation must not have more than 100 shareholders. All shareholders must be individuals, estates, certain tax-exempt organizations, or certain kinds of trusts. None of the individual shareholders can be classified as a nonresident alien.
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553PDF for all required information and to determine where to file the form.
Requirements for filing for S corp status Be a domestic corporation. Have only allowable shareholders. Allowable shareholders include individuals, certain trusts, and estates. Non-allowable shareholders include partnerships, corporations, or non-resident aliens.
To qualify for S-Corporation status, the business must be a corporation and meet the following requirements: Geography - Organized in the United States. Citizenship - All shareholders must be US Citizens or resident aliens. Number of Shareholders- It cannot have more than 100 shareholders.
The corporation will receive an acknowledgement if the S corporation election is accepted and when it will take effect. The corporation will also be notified if the election isn't accepted. If the notification of acceptance or nonacceptance is not received, the corporation should follow up by calling 800-829-4933.
Shareholders may not be partnerships or corporations. Shareholders must be US citizens or residents. The business may have no more than 100 shareholders. The business may only have one class of stock (if stock is issued).
Most importantly, you must have no more than 100 shareholders to qualify as an S-corporation. You must also only have what the IRS defines as ?eligible shareholders,? meaning shareholders must be individuals, certain trusts or estates. Shareholders also must be U.S. citizens or legal residents.
