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What is an S Corporation? Basically an S Corporation is a regular corporation but is limited to 1 - 100 shareholders.
Subchapter S Corporation also known as S Corporation is formed in the same manner as a C Corporation, by filing incorporation documents with the state. Once the business is incorporated, the shareholders can decide to file as an S Corporation within 75 days by filing Form 2553 Election by a Small Business Corporation (PDF), with the IRS and signed by all the shareholders. By doing this it changes the corporation tax structure. It does not create a separate type of corporation. State filing fees apply.
Incorporating your business is a great way to protect your personal assets from company liabilities such as creditors or lawsuits. Many business owners incorporate for this reason alone. But that's not the only benefit.
Limited Liability: The personal assets of the shareholders are not at risk. The limited liability is a major protection provided to its owners. A corporation is considered a separate legal entity so; the shareholders have limited liability for the debts of the corporation.
Attractive Investment to investors because of the built in stock structure. With an S Corporation the client can have 1500 shares. You can purchase more shares at an additional fee. The stock structure also permits offering ownership interest in the form of stock options or stock to key employees and talented employees.
Taxes on an S Corporation “does not” have a tax at the entry level. Income and/or loss are passed through to the shareholders. This allows S Corporations avoid double taxation on the corporate income. Some states do have a separate tax. Check with us or your tax accountant.
S Corporation shareholders must be a US citizen.
Operations of an S Corporation require annual meetings and reporting by the board of directors. Depending on the Secretary of State in your state, there could be bi-annual meetings or every 2 years.
Operational structure: A Subchapter S Corporation has a set management structure. The owners of a corporation are its shareholders. The shareholders elect a Board of Directors, and the Directors elect the officers. The Directors are elected to manage and exercise the rights and responsibilities of the corporation. The Board elects officers such as the President, Vice President, CEO, treasurer, and secretary to manage the daily corporate business duties. The Directors also sets corporate policies and strategies for the corporation.
S Corporation has a perpetual existence and continues to exist until the shareholders dissolve it or merges with another business.
S Corporation shares are freely transferable.
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S Corporation
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Incorporating your business is a great way to protect your personal assets from company liabilities such as creditors or lawsuits. Many business owners incorporate for this reason alone.
