S CORPORATION Meaning and
Definition
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An S corporation is a type of corporation that is taxed under Subchapter S of the Internal Revenue Code. This designation allows the corporation to avoid double taxation, as the corporation's income or losses are passed through to the shareholders and reported on their personal tax returns.
To qualify as an S corporation, certain criteria must be met. The corporation must have no more than 100 shareholders and they must all be individuals, estates, certain trusts, or tax-exempt organizations. Additionally, the corporation must be a domestic corporation and can only have one class of stock. Shareholders of an S corporation generally must be U.S. citizens or residents, although there are limited exceptions.
The primary advantage of operating as an S corporation is its tax treatment. Unlike a regular corporation, an S corporation is not subject to federal income tax at the corporate level. Instead, the corporation's income or losses are "passed through" to the shareholders, who then report it on their individual tax returns. This way, the income is only subject to individual income tax rates.
In addition to the tax benefits, an S corporation also provides liability protection, similar to a regular corporation. Shareholders' personal assets are generally protected from the corporation's debts or legal obligations. However, shareholders are still liable for their own actions or any personal guarantees they make on behalf of the corporation.
Overall, an S corporation is a type of corporation in which income or losses are passed through to shareholders for personal tax reporting. It offers liability protection and the advantage of being taxed as a pass-through entity, thus avoiding double taxation.
Common Misspellings for S CORPORATION
- c corporation
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Etymology of S CORPORATION
The term "S corporation" is derived from Subchapter S of the Internal Revenue Code, which is a section of the United States tax law. The designation "S" was added to this section when it was first introduced in 1958. The S corporation is a specific type of corporation that elects to be taxed under Subchapter S, thereby allowing it to avoid double taxation of corporate income. The term "S corporation" has since become widely used to refer to this specific tax status.
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