The S Corporation

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Attributes of a S Corporation:

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• S Corporation Number of Owners Required:

• A S Corporation can have a minimum of one (1) owner in most states. Owners of a S Corporation are called "Shareholders". A S Corporation can have up to Thirty-Five (35) maximum owners in most states. Ownership in a S Corporation is usually held with a "Stock Certificate" also referred to as "Shares".

• Management of a S Corporation:

• The S Corporation is typically managed by its "Directors". A S Corporation can have a minimum of one (1) Director in most states. The Directors appoint the Corporation's Officers. The S Corporation can have any amount of Officers, but is usually required to have the following Officers: President, Secretary and Treasurer. The C Corporation can also have a Chief Executive Officer and Chief Finanacial Officer, Vice President(s) and any other Officer positions created by the Board of Directors.

• The S Corporation's daily activities are usually managed by its "President, Secretary and Treasurer." The same person can usually act as the President, Secretary and Treasurer. A person can be a Shareholder without being the President, Secretary or Treasure. Likewise, a President, Secretary and Treasurer can be appointed to manage the S Corporation without being a Share Holder (owner).

Protection of Personal Assets:

A S Corporation offers protection to your personal assets through what is commonally referred to as its "corporate shield". Under the Corporate Shield, the Shareholders, Officers and Directors are not liabile for the debts and obligations of the S Corporation so long as the actions performed were done in the course of business and did not violate the law. 

• The key features and benefits of a S Corporation are:

►Minimum number of persons required: One (1)

►Maximum number of owners: 35

►S Corporations offer corporate protection of personal assets

►S Corporations offer personal protection from corporate debts

►S Corporations offer personal protection from corporate liabilities

►Possible for the S Corporation to have separate business credit

►S Corporations can be sold, transferred and passed to heirs

►S Corporations are able to raise capital from sale of stock

►S Corporation can continue in event of the death of the owner

►A S Corporation only needs one person who can be the only owner, officer and director 

►S Corporations are usually perceived as more professional and long-term than sole proprietorships and general partnerships

►S Corporations can be used for franchising

►S corporations have been audited less frequently than sole proprietorships in the past

►S corporation business expenses may be tax-deductible

►S corporation ownership may result in self-employment tax savings

►S corporations may provide income and tax savings