Search In Electronic Startup For S-Corporation Templates For Free

The C corporation is the standard (or default) corporation under IRS rules. The S corporation is a corporation that has elected a special tax status with the IRS and therefore has some tax advantages. Both business structures get their names from the parts of the Internal Revenue Code that they are taxed under.

The rules for naming a corporation taxed as an S-corp are similar to those for naming a regular corporation or an LLC: Must include an identifier such as Inc, Corp, or Incorporated. Must be unique in your state. Your name can't be the same, or even very similar to, the name of another business in your state.

As long as you are listed as a qualified legal party with the authorization to do business on the corporation's behalf, you should be able to request the information. The IRS will mail a copy; you can request a faxed copy in addition to the mailed letter. You can't check S corp status online.

Final thoughts. In summary, you are able to determine whether a business is an S corporation or a C corporation by reviewing its formation documents, income tax filings, ownership/shareholder structure, and overall tax treatment.

In summary, you are able to determine whether a business is an S corporation or a C corporation by reviewing its formation documents, income tax filings, ownership/shareholder structure, and overall tax treatment.

Additionally, S Corps can only issue one class of stock, while C Corps can issue multiple classes of stock with different voting rights. If you plan to raise a large amount of capital through fundraising or an IPO, a C Corp may be a better option for your startup.