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Springfield Missouri Form Instructions 2553: What You Should Know
The S Corporation is a business entity that, subject to the limitations applicable to other business entities, can be established and operated for profit at general, short or long-term intervals, as well as for investment purposes. What is the difference? A business corporation that is organized as an S corporation is organized as a legal entity separate from its shareholders or owners. The S corporation is not subject to income tax, but its shareholders and owners are. Unlike a corporation, a corporation is limited to a certain set of shareholders and owners — generally at least five individuals who own stock in the corporation and who agree to perform certain contractual obligations. In contrast, the following types of business entities are formed as legal entities separate from their owners, but are subject to income taxes: Corporations A corporation has shares of capital stock in which the shareholders and owners share and are entitled to vote some or all that ownership. An S corporation has shares of capital stock in which a shareholder has the right to vote some or all of the shares and each owner has the right to share equally the other owners' interests in the corporation. An S corporation, however, may have more than 50 shareholders and owners because each shareholder may share an amount not in excess of the amount he or she receives in the corporation as compensation. An S corporation may be formed under one of several statutes: the Internal Revenue Code (IRC) Section 76(a), the Delaware Code (DDC) Section 101 et seq. And the Nevada Revised Statutes (NRS) § 50.110. An S corporation may legally be formed by filing one or more Articles of Organization (Boos), provided the required signatures are attached. The Boos may be filed as a written application or, where necessary, as an amendment to a previous Boo. A C Corporation A C Corporation is a legal, non-profit business corporation that has shares of any class of its capital stock that are designated to own any class of stock of the corporation, if the shares of any shareholder's interests in the corporation are of the type specified in the corporation's articles of organization and the corporation does not have more than 50 shareholders or owners. An S corporation, also described as a private limited liability company (LLC), is not treated as a C corporation.
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