In an S corporation, all shareholders must be individuals, estates, or some type of personal trust.

Name: In an S corporation, all shareholders must be individuals, estates, or some type of personal trust.
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According to the IRS, S corporation shareholders can only be individuals, certain trusts, and estates. Partnerships, corporations, and non-resident alien shareholders cannot be shareholders in an S corporation.

In an S Corporation, All Shareholders Must Be Individuals, Estates