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What is instructions 2553 Form: What You Should Know
Form 2553: Qualifying Small Business Corporation Election The corporate form requires that you determine the number of shareholders. There is no minimum level of shareholders. In addition to the number of shareholders, a company must have shareholders and shareholders who meet certain minimum qualifications. The minimum qualifications in Section III, paragraphs (c) and (d) of Form 2553 are: (1) at least 100 shareholders; (2) in the case of a partnership, at least 100 partners; (3) in the case of a trust, at least 2 trustees; and (4) in the case of a corporation, at least 100 shareholders. If all four criteria are met, the company must file Form 2553. The election can be made at any time prior to the effective date of the merger or consolidation, or after. Section IV of the section states: Sec. 4. Qualifying Small Business Corporations — Election by a Small Business Corporation. [Section 1.] (a) This section. . . [Section 1.] (1) When a qualified corporation is formed, except for a domestic corporation, the articles of incorporation shall provide that it shall have the powers and privileges described in section 5 of this title. . . [Section 1.] (2) When a domestic or foreign corporation is formed under the articles of incorporation, the articles of incorporation shall not provide—. . . (c) (3) The requirement that a corporation include all its directors and officers in its articles of incorporation shall not apply to any qualified corporation formed under the articles of incorporation and the officers and directors of such corporation unless the secretary of the corporation certifies that, after an opportunity for a shareholder vote, all such shareholders are prepared to vote for and approve each officer and director who has not already been voted on as authorized by the articles of incorporation. [Page 1] Sec. 5. Corporate Power and Privileges. [Section 1.] (a) All shareholders of a corporation shall have the powers and privileges of shareholders of a corporation organized under the laws of the United States. . . . [Section 1.] (b) For the purposes of this subsection, powers include the power to do any of the following:. . . (3) [If a shareholder does not meet the minimum requirements for eligibility in section VI of the section, it may be excluded by the corporation]. . . (4) To make a contribution from taxable income. [Section 1.] Sec. 4.
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