S corporation status means:

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S corporation status is a special tax status granted by the IRS. An S corporation pays no federal income tax at the corporate level, instead, its income and losses are divided among and passed through to its shareholders. The shareholders then report the income or loss on their individual income tax returns. The shareholders also have limited liability, meaning their personal assets are protected from the company's liabilities. Consent by a majority of shareholders is required for the election of S corporation status, but it is not a requirement for maintaining the status.

S Corporation Status Means