What is an S-Corp?

s-Corp election for llcs & corporations

To become an S-corp, you must apply with the IRS. Any business that meets the IRS qualifications can become an S-corp. An S-corp is not actually a different entity, like a C corp or an LLC. It is a tax designation granted by the IRS. If you apply to be an S-corp, your company will be taxed differently and will be required to meet and maintain certain requirements.

To apply for S-corp election, you must meet all the eligibility requirements and submit the Form 2553 to the IRS.