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What is an S Corporation. An S Corporation begins its existence as a general, for-profit corporation upon filing the Articles of Incorporation at the state level. A general for-profit corporation (also known as a 'C corporation') is required to pay income tax on taxable income generated by the corporation. Qualifying for S Corporation Status. The S-Corporation must complete and file IRS Form 1120s to report its annual income to the IRS each year. ALL shareholders of the corporation must be U.S. C...Owner...
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