S-Corporation

24The primary disadvantage of incorporating can be greater tax liability. However, if a corporation has “S-corporation” status, then it has met certain requirements set out in the Internal Revenue Code that qualifies it for special income tax treatment to avoid the imposition of income taxes at the corporate level.  Essentially, an S-Corporation is taxed the same as a partnership, but its owners enjoy the privileges of limited liability.

The foregoing is general information only and does not constitute legal advice regarding your specific legal matter nor does it create an attorney-client relationship regarding your matter.