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S-Corporation

S-Corporation

The S Corporation is the corporate effort to provide an entity that meets the needs of a small number of owners who want pass-through taxation and liability protection. The S Corporation can be a single-owner entity.

The IRS has Regulations and ownership requirements for the S-corporation. A few of them are listed below:

  • An election to be treated like an S corporation must be timely made;
  • Must be a domestic corporation;
  • No non-resident alien shareholders;
  • One class of stock;
  • A 52-53 week tax year.

This list is not all inclusive and you are encouraged to check with your financial advisor or legal counsel to insure that the S corporation is appropriate for your business needs.