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For an S Corp, what paperwork needs to be maintained, kept current or filed on an annual basis?
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Listen to the audio
- To listen to this interview snippet, just click the play button above (twice if necessary).
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In this audio snippet, you'll hear about:
- S Corp from the perspective of the state is generally just a corporation
- Same protections as a C Corp as long as you follow all the traditional corporation requirements
- From federal perspective, as long as you don't breach conditions of S Corp (100 shareholders, us citizens, etc...) you will remain an S Corp
Audio Transcript
Travis:
For an S corporation, what paperwork needs to be
maintained, kept current, or filed on a recurring basis?
Yosef:
OK. Great question. An S corporation from the perspective of the state is generally another corporation.
Travis:
OK.
Yosef:
Yes there's a different filing for a state corp, a state S corp. But
generally, in terms of the states, you have the same protections as the
C Corporation does as long as you follow the traditional corporation
requirements.
Travis:
OK.
Yosef:
With the IRS once you file that 25–53 form to give you the F election,
as long as you don't breach the conditions that are required for an S
corporation, which include only having shareholders that are United
States residents and you can't have more than 100 shareholders.
There are other requirements as well but they aren't as frequently applicable.
Travis:
OK.
Yosef:
Typically if you don't breach those requirements, you will remain an S corporation. Now this...
Travis:
So you don't have to re–file anything your initial sub S collection.
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