What does it mean to have an S Corp?


An S-Corp is a designation put up by the Internal Revenue Service. Basically, you can meet requirements and fill some forms with them, and then what happens is it effects how your limited liability company or other company is taxed. Typically, what it means is you’re not going to have the double-taxation issue. It will be taxed directly down to the personal return of whoever the owners are, as opposed to having a corporate return and then a secondary personal return.


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