See the Instructions for Form 2553 PDF for all required information and to determine where to file the form. In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. certain financial institutions, insurance companies, and domestic international sales corporations). These include a Peace of Mind review and a 30-minute tax savings consultation. Many legal services offer upsells for different packages. Not be an ineligible corporation (i.e. One of the best ways to save money on your business registration is to upsell.May not be partnerships, corporations or non-resident alien shareholders.May be individuals, certain trusts, and estates and. To qualify for S corporation status, the corporation must meet the following requirements: S corporations are responsible for tax on certain built-in gains and passive income at the entity level. LegalZoom provides legal assistance to individuals and small businesses on everything from filing for 501 (c) (3) status to creating a last will and testament. This allows S corporations to avoid double taxation on the corporate income. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. If you want to elect to be taxed as an S Corporation, you first have to have a legal entity that can make that election. S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.
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