In order to qualify as an S corporation, a firm must meet several criteria, including limits on the number and type of stockholders.

Question

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This statement is true. To qualify as an S corporation, a firm must meet several criteria, including limits on the number and type of stockholders. Specifically, an S corporation can have no more than 100 shareholders and all shareholders must be U.S. citizens or residents.

In Order to Qualify as an S Corporation, a Firm