S corp bylaws are essentially a set of rules established by a corporation's board of directors. Created when a corporation is first formed, this helps protect the company as well as the corporation's shareholders. More specifically, S corporation bylaws clearly state all of the rules and ...
S corporation designation is ideal to minimize self-employment taxes while maintaining legal protections. For example, say you’re running a consulting firm that makes $150,000 annually. As an S corp, you could take a salary of $80,000 (subject to employment taxes) and the remaining $70,00...
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New business owners have many legal structures to choose from when registering. Discover S corporation pros and cons to decide if it’s right for you.
Preparing the S corporation’s tax returns (Form 1120S) Since the IRS is a huge organization, the right hand doesn’t always talk to the left hand. Shocking, we know. Additionally, the IRS is bound by regulation to process Form 2553s within 60 days. However, they don’t, and they ar...
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Other IRS restrictions, apart from ownership restrictions, also apply to S corporations. For example, there can be only one class of stock (but differences in voting rights are permissible) and the corporation must be a domestic corporation. ...
In many ways, an S corp works as any corporation does. Operating under its home state’s corporation statutes, it establishes a board of directors and corporate officers, bylaws, and a management structure. It issues shares of company stock. Its owners cannot be held personally or financially ...
An S corporation (S corp) is a type of business tax filing status that allows corporations to pass corporate income, losses, deductions, and credits through to their shareholders, but only if the business meets specific requirements. So, an LLC that meets the requirements for S corporation taxe...
Recently, courts have embraced the contractarian theory that corporate charters and bylaws constitute a "contract" between the shareholders and the corporation and have been more willing to uphold bylaws unilaterally adopted by the directors. This paper examines the contractarian theory by drawing a ...