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A closely held company is one in which all shares of stock are owned by a small number of people (often related to each other), and a Subchapter S corporation is one that conforms to that subchapter of the U.S. Internal Revenue Code, including closely held corporations (with additional restrictions on nationality, number of shareholders, etc). The benefit of an S-corp is that the entitity income is not taxed separately from the income of the shareholders, so you don't pay income taxes twice. There is certainly no obligation for a close corporation to file for S-corp status, and there may be good reasons not to (e.g., foreign investors).
What else can I help you with?
Who pays the taxes within an S corporation?
Corporation Shareholders
Who pays taxes within an S corporation?
Corporation Shareholders
What are kinds of corporation?
There are 3 kinds: S corporation, C corporation and Limited Liability Company (LLC)
Do s-corporations get 1099s?
do s corporation get 1099
In forming a Sub S corporation if the shareholder contributes a piece of equipment to the corporation what is its basis in the corporation?
The equipment would become a fixed asset of the corporation.
Which type of corporation is the standard normal type of corporation?
The type of corporation which is the standard normal type of corporation is the general corporation. Other types of corporations include closed corporations, limited liability corporations and S corporations.
Domestic bca corporation in Illinois?
What is the difference in a domestic bca and an s corp
Can you reinstate a closed corporation?
I was wondering. Could I reinstate a corporation that wasn"t mine to begin with?
Is Carrier Corporation closed in tyler tx this week?
no
Which of these is owned by a limited number of stockholders?
closed corporation
Is my corporation an S corporation or a C corporation?
To determine if your corporation is an S corporation or a C corporation, you need to check with the IRS. S corporations have specific eligibility requirements and must file Form 2553 to elect S corporation status. C corporations are the default classification for corporations that do not elect S corporation status.
What is the difference of corporation and incorporation?
Incorporation is the act of becoming a corporation.
Can an S corporation be sued?
Yes. S-Corporation status does not change a corporation's liability to suits.
What's the difference between civil service and public corporation?
Difference between Public Corporation and Civil Service
What is the difference between corporation and corp?
nothing. corp is an abrevation of corporation
How do you buy into a business that is an S-Corp?
You can buy stock from an S corporation directly from the S Corporation stockholders. The S corporation can have a maximum of 35 stockholders.
What form of ownership is Ford motor company c corporation s corporation or llc?
s corporation
