S corporations are companies (typically with 75 or fewer shareholders) allowed by the Internal Revenue Service (IRS) to have the benefits of incorporation, but function as if they were partnerships. An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation. An S corporation generally is exempt from federal income tax.

S" and "C" in this instance refer to federal tax laws that are applicable to a particular corporation. The Secretary of State does not have information that shows whether a corporation is an "S" or a "C". Questions about the meaning of these designations and the differences in the two types of corporations should be addressed to the Internal Revenue Service, www.irs.ustreas.gov, or to an accountant or attorney. See similar questions...

C and S corporations are filed with the IRS. The state of Georgia does not keep a record of this information. For more information on C and S Corporations, please contact the IRS at 1-800-829-1040 or visit their website at www.irs.gov. See similar questions...

The Internal Revenue Code allows for two different levels of corporate tax treatment. Subchapters C and S of the code define the rules for applying corporate taxes. Subchapter C corporations include most large, publicly-held businesses. These corporations face double taxation on their profits if they pay dividends: C corporations file their own tax returns and pay taxes on profits before paying dividends to shareholders, which are subsequently taxed on the shareholders' individual returns. See similar questions...

In order to form a limited liability company, you will need: 1. A name for the limited liability company; 2. A place to act as the initial registered office; 3. Someone to be the initial manager; and 4. Someone to be the organizer See similar questions...

For tax purposes, all Corporations are General C-Corporations when they are formed. This tax status permits them to pay a 15% federal rate on the first $50,000 of taxable income each year. LLC can elect the C-Corporation tax status. They can deduct health insurance, medical and dental expenses and disability insurance premiums for employees (who may also be stockholders). Go Back to the Top of the Page See similar questions...

In terms of reporting income, they are quite similar. The LLC is somewhat less restrictive than the "S" corporation. There can be any number of members, and there are few restrictions on who those members may be. They are also a relatively new entity, so there is not as great a definitive body of tax rulings on them as there is with corporations. See similar questions...

C corporations are named after Subchapter C of the tax code, while S corporations are named after Subchapter S of the tax code. A Subchapter S Corporation is similar to the C Corporation and operates in the same manner. The main advantage associated with the S Corporation is that the income passes through the shareholders, thus avoiding the double taxation of a C Corporation. However, the corporation must meet certain requirements to qualify for the "S" status under the current IRS rules. See similar questions...

Officer changes are made by filing a corporation annual registration. The registration may be filed, and changes made, online at https://corp.sos.state.ga.us/business/annualreport. The fee for filing a registration and making changes is $30. Georgia law regarding limited liability companies requires only the listing of the registered agent; thus, officers for LLCs are not listed and there is no procedure to "change" them by filing with the Secretary of State. See similar questions...

The S-Corporation is similar in structure to a C-Corporation, yet it is not subject to the C-Corporation “double tax.” The profits of an S-Corporation will only be taxed at the individual level, whereas a C-Corporation is taxed at the corporate and individual level. S-Corporation is initially formed as a C-Corporation by filing the Articles of Incorporation within a state. The C-Corporation can then become an S-Corporation when an extra step is taken by filing with the IRS. See similar questions...