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S Corporations
Last updated Sunday, April 7, 2024
An S corporation, also
known as an S subchapter, refers to a type of corporation that meets specific
Internal Revenue Code requirements. The requirements give a corporation with
100 shareholders or less the benefit of incorporation while being taxed as a
partnership. The corporation may pass income directly to shareholders and avoid
double taxation. S corporations are corporations that
elect to pass corporate income, losses, deductions, and credits
through to their shareholders for federal tax purposes. S corporations are
responsible for tax on certain built-in gains and passive income at the entity
level.
The key feature that
distinguishes an S corporation is the tax advantages it offers. It’s called an
S corporation because it has elected to be taxed under Subchapter S of the
Internal Revenue Code, making it a “pass-through” entity for tax purposes. Otherwise,
it’s a for-profit corporation, incorporated under and governed by the same
state corporation laws as a C corporation (or a corporation that was not
eligible for S corporation tax status or whose shareholders chose not to elect
that status). Requirements include being a domestic corporation, not having
more than 100 shareholders, which includes only eligible shareholders, and
having only one class of stock.
Corporation taxes
filed under Subchapter S may pass business income, losses, deductions, and
credits to shareholders. Shareholders report income and losses on individual
tax returns, and pay taxes at ordinary tax rates. S corporations pay tax on
specific built-in gains and passive income at the corporate level. S
corporation shareholders must be individuals, specific trusts and estates, or
certain tax-exempt organizations (501(c)(3)). Partnerships, corporations, and
nonresident aliens do not qualify as shareholders. Specific financial
institutions, insurance companies, and domestic international sales companies
are also ineligible.
Nevada
Commercial Registered Agent
Entity # E0502742015-6
NV Business ID NV20151637034
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Revised April 7, 2024 10:24 AM
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