Although an S corporation is taxed much like a partnership, it is subject to many of the C corporation rules.

Name: Although an S corporation is taxed much like a partnership, it is subject to many of the C corporation rules.
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An S corporation is taxed similarly to a partnership, but it is subject to many of the same rules as a C corporation, such as rules related to the number and type of shareholders, stock ownership restrictions, and distribution of profits and losses.

Although an S Corporation Is Taxed Much Like a Partnership