S Corporation Election

 

REQUIREMENTS OF S STATUS
An S corporation must
Be a domestic and eligible corporation
Have only one class of stock
Have no more than 100 shareholders
Have only allowed shareholders (individuals, estates, or qualified trusts)
A Non – Resident alien (NRA) may not own shares of S Corp [Must be a citizen / resident of US]
Family Members in a six generation range are considered as one shareholder
Partnerships, Charitable Remainder Unitrusts and Charitable Remainder Annuity Trusts may not be shareholders of S Corp
Domestic International Sales Corporations (DISC) cannot elect S Status

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