Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
Obtain S Corporation Status - Corporate Resolutions Forms
State:
Multi-State
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
Description S Corporation Online
Free preview S Corporation Form
How to fill out Taxationmeaning?
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Corporation Status Fill FAQ
One major advantage of an S corporation is that it provides owners limited liability protection, regardless of its tax status. Limited liability protection means that the owners' personal assets are shielded from the claims of business creditorswhether the claims arise from contracts or litigation.
Is an S Corp or LLC better? That is a bit of a misguided question. An LLC is a legal entity only and must choose to pay tax either as an S Corp, C Corp, Partnership, or Sole Proprietorship. Therefore, for tax purposes, an LLC can be an S Corp, so there is really no difference.
Specifically, S corporation shareholders must be individuals, specific trusts and estates, or certain tax-exempt organizations (501(c)(3)). Partnerships, corporations, and nonresident aliens cannot qualify as eligible shareholders.
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.
Generally, taxes are considered the biggest and most important difference between these two types of corporations. C-corps are subject to the corporate tax rate, whereas S-corps allow for pass-through taxationmeaning business profits and losses are reported on the owners' personal income tax returns.
An S-corp is not a business entity like an LLC, sole proprietorship, partnership or corporation.An LLC is a matter of state law, while an S-corp is a matter of federal tax law. In an LLC, members must pay self-employment taxes, which are Social Security and Medicare taxes, directly to the IRS.
Call the IRS Business Assistance Line at 800-829-4933. The IRS can review your business file to see if your company is a C corporation, S corporation, partnership, single-member LLC, or sole proprietor based on any elections you may have made and the type of income tax returns you file.