Updated: Oct 15, 2019
An S corporation (or S-Corp) is the most common corporate structure for small businesses. S corporations are beneficial to small businesses due primarily to the tax benefits and legal protection afforded to its shareholders. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. FiveWhyz owners LLCs are therefore also set up as an S-Corp.
In order to become (elect status of) an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation. Again, this is a free service, from the Small Business Corporation.
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And remember, I am not an accountant. I am not a lawyer. You will want to get help from these experts and should defer to their opinion in the event that what you read on this page differs from their opinion.