Complete Document Filing Services

S-CORP ELECTIONS

In an S-corporation, all business profits "pass through" to the owners, who report them on their personal tax returns. The S-corporation itself does not pay any income tax.

Let us help you file the necessary IRS forms to elect this status. Read more below, but if you're ready, click on the "Order Now" button and we'll get started with your paperwork.

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Services start at $69
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Overview

MyCorporation will help you prepare IRS Form 2553 with the IRS to elect S-corporation status.

Electing S-corp status means that income generated by your business is "passed-through" to your shareholders for computing tax liability.

Most businesses start out as a general C-corporation and are required to pay income tax on taxable income generated by the corporation.

However, as soon as a corporation has been formed, it may elect S-Corporation status by submitting IRS Form 2553 to the IRS. Then, the shareholders are taxed like a partnership or sole proprietorship, and not the corporation.

A large majority of our small business customers meet the following S-corporation requirements:

First be filed as a U.S. corporation
Maintain only one class of stock
Maintain a maximum of 100 shareholders
Be comprised solely of shareholders who are individuals, estates or certain qualified trusts, who consent in writing to the S corporation election
Not have a shareholder who is a non-resident alien

Failure to observe any of the above requirements could revoke your S-corporation status at any time.

Whether or not an S-corporation is something that you would benefit from is a decision that only you can make. Please consult your lawyer or CPA for details.