Explain requirements for formation of an S corporation
To qualify for S corporation status, a corporation must satisfy the following requirements:
1 . The corporation must have no more than 100 shareholders, all of whom must be individuals who are citizens of the United States or resident aliens of the United States, or certain types of tax-exempt organizations, trusts, or estates.
2 . The corporation must have only one class of stock.
3 . The corporation must be domestic.
3 . The corporation must file a timely election signed by all the shareholders to be treated as an S corporation.
4 . The corporation must not be an ineligible corporation, which includes certain financial institutions, insurance companies, and domestic international sales corporations.
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