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About S Corporations
Before you incorporate a business as an S corporation, it is important to understand what having an S corporation means. An S corporation is a standard corporation that has elected a special tax status with the Internal Revenue Service (IRS). The formation requirements for an S corporation are the same as those for a C corporation, wherein formation documents must be filed with the appropriate state agency and the necessary state filing fees paid.
BizFilings will not only incorporate your company with the state, but we can also assist you with the filing of your S corporation election with the IRS. BizFilings’ formation services for S corporations include the preparation of IRS Form 2553.
With our Complete Formation Package, we will file this form and interact with the IRS on your behalf.
One reason so many small business owners choose to elect S corporation status with the IRS is that the S corporation’s special tax status eliminates the possibility of double taxation common to C corporations. With S corporations, a corporate income tax return is filed but no tax is paid at the entity level. Instead, the profits or losses of the corporation are “passed-through” to the shareholders and are reported on their individual tax returns.
Advantages of an S Corporation:
- S corporations avoid the possibility of double taxation on profits
- Shareholders of an S corporation are typically not personally responsible for the debts and liabilities of the business
- Ownership of an S corporation is easily transferable through the sale of stock
- S corporations have unlimited life extending beyond the illness or death of the owners
- Additional capital can be raised by selling shares of the S corporation's stock
- Potential customers may perceive an S corporation as a more professional entity than a sole proprietorship or partnership
- S corporations are generally audited less frequently than sole proprietorships
- Certain S corporation business expenses may be tax-deductible
- S corporations can result in Self-Employment Tax Savings
- S corporations may provide a number of income and tax savings
S corporations are subject to restrictions imposed by the IRS on who can be owners. S corporation owners (shareholders) must meet the following criteria:
- Number fewer than 100
- Cannot be non-resident aliens
- Cannot be C corporations, other S corporations, limited liability companies (LLCs), partnerships or certain trusts.
Save More When You Form in Delaware or Nevada
Many entrepreneurs nationwide choose to incorporate their businesses in Delaware or Nevada. This high volume allows BizFilings to offer additional savings when you form a corporation or limited liability company in these states.
BizFilings' online order form makes it easy to incorporate or form a limited liability company. Form your Delaware or Nevada business now.
