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An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [1] In general, S corporations do not pay any income taxes.
In the United States, an S corporation is limited to 100 shareholders, [b] and all of them must be U.S. tax residents. [c] An LLC may have an unlimited number of members, and there is no citizenship restriction. Much less administrative paperwork and record-keeping than a corporation.
An S corporation is a special form of corporation designed for smaller companies. They can only have a maximum of 100 shareholders. Like other corporations, S corps have detailed accounting and ...
S.A (Société Anonyme): ≈ Public Limited Company (P.L.C) (UK), Corporation (US/Can) S.A.S (Société Anonyme Simplifiée): ≈ Unlisted public company (Au), Close Corporation (CC) (S. Africa), Private Corporation (Can); often used for subsidiaries; minimum of one director and two members/shareholders; no limit on share capital; liability can ...
Partnership. C corporation. S corporation. Formation. Business license (and possible a “doing business as” (DBA), depending on your state), partnership agreement not required but recommended
The effect of these rules is that a U.S. limited liability company (LLC) or limited liability partnership (LLP) is treated by default as a partnership (or disregarded entity if it has only one owner), whereas a foreign LLP is treated by default as a corporation (if, as is generally the case, all its members have limited liability).