S Corp Status Requirements
There are certain qualifications that the corporation must meet to elect S corporation status. To qualify for S Corp status, your business:
- Must be a domestic corporation formed in the U.S.A.
- May have no more than 75 shareholders.
- May only have individuals, estates, or certain trusts as shareholders.
- May not have non-resident alien shareholders.
- May only have one class of stock.
- Must be a small business corporation, financial institutions (i.e. banks, insurance companies, building and loan associations, mutual savings, and loan associations) cannot take advantage of an S corporation election.
- Must conform to state statutory restrictions, which limit the transfer of shares/ownership of the company.
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