A business created as an S corp must meet all federal guidelines for an S corp and file Form 2553.To be eligible for S corp election, the business must: Be a U.S.-based business.

A subchapter S corporation, known as an S-corp, is a tax election, not a business entity type. LLCs and C-corporations can choose this taxation method if they meet federal IRS eligibility ...

S Corp shareholders then report the profit as personal income on their individual tax returns. If you hold, say, 60 percent of the stock in an S corp, and the company has a profit of $50,000 , you ...

An S-corp is a type of corporation that elects to pass corporate income, loss, deductions and credits to its shareholders. In other words, an S-corp is a tax status classification that some ...