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There are a few limitations on S corps:

·       Can’t have more than 100 shareholders;

·       Can’t have foreign owners

·       Can’t be owned by other corporations or LLCs

·       S corp profits need to be distributed according to the percentage of ownership

An S corp requires a bit more corporate formality to “follow the corporate rules”.  It is not too big of a deal, once you understand the rules and have an easy to use system in place.My

Corporate Veil Pro package is a Clear, Concise, Step-by-Step program to assist small business owners to know what to do and when to do it with regards to their corporate record keeping requirements.  It Corporate Veil Pro package is a Clear, Concise, Step-by-Step program to assist small business owners to know what to do and when to do it with regards to their corporate record keeping requirements.  It

demystifies the process and shows how easy it can be to operate an S corp within the rules.  A one-time investment of $297 plus an hour or two a year of simple fill-in-the-blank tasks, and you can save a lot of taxes and do it totally legally.  For me, it was a no-brainer to decide on an S Corporation for my primary business.

Disclaimer: This is not intended as legal advice, just my understanding.  You need to research it yourself and get professional help before proceeding.  Life Tip: Don’t believe anything you read on a blog on the Internet unless you have checked it yourself.

Rob

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