The name must contain the word "corporation," "company," "incorporated," "limited" or an abbreviation of one of these terms. After you have formed your entity, usually an LLC or corporation, you'll need to file Form 2553 with the IRS to request S Corp status.A corporation or other entity eligible to be treated as a corporation files this form to make an election under section 1362(a) to be an S corporation. Here are the 7 steps to form an s corporation in Texas. Use Form 1120-S to report the income, gains, losses, deductions, credits, etc. Establishing an S Corp in Texas involves forming a formal business entity, meeting IRS requirements, and filing Form 2553 with the IRS.