By filling out the correct paperwork annually, any corporation can qualify to be classified as an S corporation.

Question

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Not every corporation can qualify as an S corporation; there are specific IRS requirements, such as being a domestic corporation, having only allowable shareholders (which include individuals, certain trusts, and estates but not partnerships, corporations, or non-resident alien shareholders), having no more than 100 shareholders, having only one class of stock, and others.

By Filling Out the Correct Paperwork Annually, Any Corporation Can