Start an S Corporation (S Corp) and Protect Your Business From Personal Liabilities
How to Set Up an S Corp?
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Benefits of Setting Up an S Corp
Individual Level Taxation
One of the major advantages of setting up an S corp is that you get to follow a single-layered taxation structure. In other words, if you choose to distribute your income among shareholders, you will no longer be liable to pay twice because an S Corp is taxed at individual levels only.
20% Reduced Tax Rates
As per the Tax Cuts and Jobs Act of 2017, an S corp shareholder is eligible for a 20% deduction rate. If your company falls under the qualified business income category you definitely stand a chance to save a few dollars.
Minimal Taxable Income
The advantage of being an S corp is that your losses pass through to its shareholders. From thereon, It’s up to the discretion of shareholders to use losses to offset income. (A tax experts’ advice is crucial under such circumstances.)
Stock Distribution
An S Corp has an advantage of stock distribution over other types of entities. However, they can do so to a limited number of owners only. For more information, on S Corp and benefits call us today or click here.
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Frequently Asked Questions
Can I Set Up an S Corp Myself?
Is an S Corp or LLC Better?
What Is the Difference Between an S Corp and C Corp
Why Should I Choose to Form an S Crop?
WHAT DOES S CORP STAND FOR?
WHAT IS AN S CORP AND HOW DOES IT WORK?
WHAT ARE THE QUALIFICATIONS TO GET AN S CORPORATION STATUS?
- Must be a domestic business.
- Have a maximum of 100 owners or shareholders who are individuals, trusts or estates. (partnerships, corporations and non-residents are not accepted as viable shareholders).
- Must have one class of stock only.
- Must not be a financial institution, insurance company or domestic-international sales corporations.
HOW IS AN S CORP TAXED?
CAN YOU HAVE AN S CORPORATION WITH NO EMPLOYEES?
CAN AN S CORP OWN AN LLC?
WHAT ARE THE ADVANTAGES OF FILING AS AN S CORP?
- Personal assets are protected since all business liabilities are passed through the shareholders.
- Business entities do not have to pay federal corporate taxes.
- Pay taxes at individual levels.
- Easy storck distribution to up to 100 shareholders.
- Easy transfer of ownership without any possible tax consequences.
IS SOLE PROP SAME AS S CORP?
WHAT ARE THE DISADVANTAGES OF AN S CORP?
- One, S Corps are subject to closer tax scrutiny by the IRS. The owners become employees and must have a ‘reasonable salary’ to avoid any fines or back taxes.
- Two, a business entity must strictly fit in the requirements of an S Corp set up by the IRS or the status will be revoked.
- Three, S Corps have early tax filing deadlines compared to other business entities.
CAN YOU TERMINATE AN S CORP STATUS ACCIDENTLY?
- Your business ceases to qualify as an S Corp.
- You exceed the passive income limitation.
- Your business issued a second class stock.
- You have more than 100 shareholders.