S Corporations may have tax advantages for U.S. taxpayers because the tax liability flows to the stockholders. Profits and losses are passed through to the individual stockholder's tax returns and are taxed at the individual rate. To create an S Corporation, first form a regular or close corporation, then apply to the Internal Revenue Service for S Corporation status within 75 days of forming the entity. S Corporations are as popular as Limited Liability Companies but enjoy different tax advantages. Please consult with your accountant to be sure you are selecting the best entity type for your needs.
The "S" corporation application (Form 2553) is included in the Deluxe Corporate Minute Book, or you can print a pdf version of the form from the link below.
What Our Partners Are Saying:
“Kelly is an extraordinary woman, leader, and humble servant with the expertise to listen, connect, plan, take action and execute with excellence...since 2005, she has consistently exceeded expectations for referrals and many commented on her personal character, positive attitude, and impact on them as well as our community!"
Al Paoli, Director, Small Business & Technology Development Center (SBTDC) for Kent County, Delaware
“Kelly is a detailed oriented person who knows her product. She has been a tremendous help to me in advising my clients through SCORE Delaware”
Top qualities: Great Results, Expert, Good Value
Herb Konowitz, Vice Chair Downstate Delaware SCORE - Service Corps of Retired Executives Association