Apr 05, 2022
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The liability of a corporation is limited for all its shareholders Telephone Number List and the shareholder's personal liability is limited to the investment. As long as the State's statutory requirements are followed, the shareholders, directors and officers of the business are not personally Telephone Number List held liable for any debt, liability or obligations of the business arising in contact, tort or otherwise. Subchapter S Corporation (commonly known Telephone Number List as an S corporation), is a corporation Telephone Number List that has elected to be taxed under Subchapter S of the Internal Revenue Code and is treated as a partnership for most tax purposes. The income of the S corporation is passed Telephone Number List through to its shareholders therefore avoiding double taxation. Other than the different tax treatment, the S corporation Telephone Number List operates identically to that of a C or regular corporation. Compliance Telephone Number List requirements for an S corporation are identical to that of a C or regular corporation, however, for a corporation to qualify as an S corporation certain requirements must be met.