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Legal zoom llc vs s corp1/6/2023 Not have more than 100 business owners (aka “shareholders”).Be a US business so that you file with the IRS as such.To opt for S Corp status for your taxes, your company must: Unlike common C Corps, an S Corp does not pay corporate income tax, but the tax profits and liabilities pass through to the business members’ personal tax returns. Specifically, in a corporation (unlike an S Corp), the profits are taxed on the corporate level and then the dividends are taxed personally for each shareholder. It allows the IRS to tax you as a partnership and precludes the IRS from corporate-level, double taxation. As mentioned, an S Corp is essentially a tax classification rather than a legal business structure.
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