What is an S-Corp?
An "S-Corporation" is a corporation that meets the requirements below and that passes-through net income or losses to shareholders in accordance with Internal Revenue Code, Chapter 1, Subchapter S.
- Domestic Corporation
- No more than 100 shareholders
- Shareholders limited to individuals, trusts, or estates
- Shareholders limited to US citizens or permanent residents
- One class of stock
- Reports taxes on a calendar year basis
- Unanimous consent of shareholder to elect S treatment