Explain the requirements the Corporation must meet to be an S-Corporation. Include in your explanation why a Corporation would choose to be an S-Corporation (instead of C-Corp) given these strict requirements.
Answer-
Requirements list must comply to be an S-Corporation by any Corporation-
1.The Shareholders must be Only Individuals. This must not include Company or firms.
2. The Shareholders must be US Resident or citizens .
3, They must not be more than 100 shareholders.
4. Only one Class of shares has been issued by the corporation.
5. Profits and losses must be allocated in each owners interest proportion.
6. All Shareholders must give their consent for the election.
7. The Corporation must not be Ineligible Corporation.
Reason why S-Corporation instead of C-Corporation - Advantage of S-Coporation-
1. No Taxation paid by S-Corporation as only income distribute to shareholders is taxable in their individual capacity.
2. Upto 20 % Tax Deduction is eligible to shareholders of net "Qualified business Income".
3. Shareholders can set off Losses of S-Corporation.
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