S corporations - Internal Revenue Service In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders See the Instructions for Form 2553 PDF for all required information and to determine where to file the form
LLC Vs. S-Corp: What Are They And How Are They Different? An LLC is a legal business structure while S corporation is a tax classification that’s available to some small businesses Both LLCs and corporations can elect S-corp taxation by filing a form
S corporation - Wikipedia An S corporation (or S Corp), 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 [1]
What Is an S Corporation? Benefits, Drawbacks, How to Form An S corporation, or S-corp, is a special designation carved out of the U S tax code for small businesses Benefits include pass-through tax status, but it offers limited growth potential
About Form 1120-S, U. S. Income Tax Return for an S Corporation Information about Form 1120-S, U S Income Tax Return for an S Corporation, including recent updates, related forms, and instructions on how to file Form 1120-S is used by corporations that elect to be S corporations to report income, deductions, gains, losses, etc
What Is An S Corp? – Forbes Advisor For businesses that qualify, electing S-corp or S corporation status could lead to important tax benefits
What Is an S Corp and Is It Right for Me? - LegalZoom S corporations have tax advantages that make them a good choice for many small businesses An S corp is a tax designation that allows a company's profits to pass through to the owners' personal tax returns
LLC vs. S Corp: Whats the Difference? - Investopedia An LLC passes taxes to owners and protects their personal assets; an S corporation is a tax-filing status that allows a company to pass taxes to shareholders