Joel Schmitz CPA

To qualify for S corporation status, the corporation must meet the following requirements:
• Be a domestic corporation
• Have only allowable shareholders
o May be individuals, certain trusts, and estates and
o May not be partnerships, corporations or non-resident alien shareholders
• Have no more than 100 shareholders
• Have only one class of stock
• Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).
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