What is an S corporation?

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Lmann
May 02, 2017 09:46 AM 0 Answers
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An S corporation is an IRS term. Every corporation starts as a C corporation. The IRS allows you to file a form 2553 which allows all income and expenses to flow individually to shareholders based upon their ownership percentage via a K-1.
To qualify for a S election all shareholders mus be US citizens or resident aliens, there must be less than 75 shareholders and all shareholders must agree.

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