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Choose a corporate name. File your Articles of Incorporation. Appoint a registered agent. Start a corporate records book. Prepare corporate bylaws. Appoint initial directors. Hold first Board of Directors meeting. Issue stock to shareholders.

For this reason, an S corporation is called a pass-through entity. This happens in most states, with the exception of New York State and New York City. New York City doesn't recognize the concept of S corporation.

New York City does not recognize Federal or New York State "S Corporation" elections. S Corporations are subject to this tax. A taxable association or publicly traded partnership is treated as a corporation for the purpose of this tax.

An S corporation, for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code.

A C corp is what you have if you do not elect S corp status with the IRS. ... Owners of a corporation who work in the business, typically in executive positions, are considered employees. They must be paid a reasonable salary and are also taxed on this personal income. An S corporation does not pay dividends to its owners.

To register a business as an S corporation, Articles of Incorporation (sometimes called a Certificate of Incorporation or Certificate of Formation), must be filed with the state and the necessary filing fees paid. After incorporation, Form 2553 must be filed with the IRS in order to elect S corporation status.

Local Earned Income Tax (EIT) withholding return. State Withholding Return. State Unemployment Return. Employer's Federal Quarterly Tax Return (Form 941). Federal Unemployment (FUTA) Tax (Form 940). Income Tax Return for an S Corporation (Form 1120S).

The fee typically charged will vary by state between $800 and $1,000. Some states, like Nevada, don't charge a franchise tax fee, making them an alluring place to do business. Miscellaneous government filing fees: Government filing fees may vary from $50 to $200 depending on the state and the type of business.

S Corporations An S corporation is an incorporated business entity -- the entity itself is a distinct legal entity, separate from the owners, called shareholders. In general, single-member S corporations are legal. A sole proprietor may choose to incorporate his business as an S corporation.

It takes 3 to 6 weeks to make your incorporation formal. Typically, to incorporate, you need to file an Articles of Organization (if you're forming an LLC) or Articles of Incorporation (if you're forming a Corporation). You need to file respective forms and mail them to your state's Secretary of State.

To elect Corporation status, the LLC must file IRS Form 8832 - Entity Classification Election. To elect S Corporation status, the LLC must file IRS Form 2553 - Election by a Small Business Corporation.

Capital tax is a tax on a corporation's taxable capital, comprising of capital stock, surpluses, indebtedness, and reserves. Capital tax is applicable to capital owned by a company, not its spending. In contrast to income taxes, capital taxes are charged regardless of the profitability of the firm.

The capital gains tax is a government fee on the profit made from selling certain types of assets. These include stock investments or real estate property. A capital gain is calculated as the total sale price minus the original cost of an asset. ... As a result, you pay a tax on your profit at the capital gains rate.

The current capital gains tax rates under the new 2018 tax law are zero, 15 percent and 20 percent, depending on your income. The 2018 capital gains tax rate is holding steady through 2019, but the income required for each rate has changed.

It gets added to the seller's other incomes and is taxed at the applicable slab rate. If the property was held for more than 3 years, then the gains are considered long-term capital gains (LTCG) and taxed at 20% with indexation. Mint Money explains the steps to calculate LTCG arising from transfer of assets.