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S Corporation

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S Corporation

It can be difficult trying to decide on your own whether you should form your new corporation as an S-corporation or a C-corporation. A Tailored Legal attorney can help you make the right choice. If you are starting a new small business on your own, or with just a few partners, you’ll likely choose to form an S-Corporation. S-Corps are common among small business owners and in addition to the other benefits of corporate status, they allow you to avoid the double taxation issue that plagues C-Corporations. C-Corporations are taxed first at the corporate level, then the owners are taxed again when they receive dividends or distributions from the corporation. By electing S-corporation status with the IRS, you will not be required to pay corporate income tax at the federal level. Instead, as a pass-through entity, the profits and losses and income and expenses of the business will be “passed through” to the business owners on their individual returns in proportion to their ownership in the business. To qualify for the S-corporation election, the shareholders of the corporation must meet certain qualifications. Additionally, the election must be made within 75 days following incorporation. As a result, if you are forming a new corporation, you shouldn’t delay in speaking to a qualified professional.

Sound complicated? It can be, but with the help of your incorporation attorney at Tailored Legal, the S-corporation election process is simple and straightforward. We’ll make sure your business meets the S-corp requirements and that your election is timely made. If you currently have a trusted CPA that advises you with the finances of your current business or your new business venture, we will work directly with that professional to help you make the right choice. Contact us for a no cost consultation with a Tailored Legal attorney today to discuss the formation of your new corporation and to decide whether to elect S-corporation status.


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(619) 566-6985
(760) 888-1227
334 Via Vera Cruz
Suite 253
San Marcos, CA 92078
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