S Corporation is a variation of a corporation within Subchapter S of Chapter 1 of the Internal Revenue Code.Essentially, an S corp is any business that chooses to pass corporate income, … The S-Corp … S Corporation or C Corporation . Formerly called a "Sub section S corporation," an S corporation … An S corporation is type of business entity that functions like a corporation, but is taxed like a partnership. An S corporation, 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.In general, S corporations do not pay any income taxes.Instead, the corporation's … An S-Corp can also be terminated if mistakes are made in the following: Election Consent Stock ownership Filing requirements Notification; It does take time and money to elect S-Corp status. S Corporation. The choices follow. A corporation has a choice of how it wants to be taxed. All of the corporate income, losses, deductions, and taxes are paid by the shareholders, rather than by the corporation itself. It can make the election at the beginning of its existence or at the beginning of a new tax year. Learn the 15 advantages and disadvantages of S Corporations and why filing as an S Corp may be best for your service-oriented businesses.

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