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CALIFORNIA DELAWARE FLORIDA ILLINOIS NEVADA NEW JERSEY NEW YORK GEORGIA
WHAT’S A SUB CHAPTER S CORPORATION?
If you are a Citizen or Permanent Resident of the United States, it is the most tax advantageous type of Corporation you can have! At the state level, it’s filed as a “plain vanilla” corporation, but if it meets certain requirements and elects to be treated as a “small business corporation,” at the federal level it can enjoy distinct tax benefits.
The Subchapter S Corporation is an attractive form of doing business because it combines the business and legal characteristics of a corporation with many of the income tax characteristics of a partnership. For flow-through of profits and losses to the owners, the Subchapter S Corporation is treated in a manner similar to a partnership. For other purposes, such as limited liability, distributions, redemptions and reorganizations, the Subchapter S Corporation is treated much like a regular corporation.
What are the tax benefits of a Subchapter S Corporation? A regular Corporation is subject to federal and state Corporate Income Taxes. Therefore, profits are taxed first on the corporate level and then again at the individual level of the shareholders to whom the profits are distributed.
This double taxation could result in a combined taxation rate of 70% or higher! A Sub-Chapter S Corporation is exempt from federal and state corporate Income Tax, so that the earnings of the Corporation flow directly to the owners.
What are the requirements of a “small business corporation?” A small business corporation is a domestic corporation that:
- Is not an ineligible corporation (such as a bank, insurance company, possessions corporation or domestic international sales corporation);
- Does not have more than 100 shareholders (spouses and families are now counted as one shareholder);
- Does not have shareholders other than individuals, estates, certain trusts, or certain tax-exempt organizations;
- Has no nonresident alien shareholders; and
- Does not have more than one class of stock (i.e., has only common stock, not both common and preferred).
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